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Carlsbad office development lands $9 million financing

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Real estate investment banking firm Holliday Fenoglio Fowler, L.P, announced Tuesday that it has arranged $9 million in financing for Urban + West’s 12-acre Bressi Ranch office development in Carlsbad.

The development will be known as the Ocean Collection at Bressi Ranch and will feature 17 office buildings ranging in size from 4,500 to 16,000 square feet. Urban + West, a mixed-use developer, plans to complete development of the site by the second quarter of 2008 and units should go on sale this month.

The Ocean Collection

The 24-month, fixed-rate loan, secured by HFF Senior Managing Director Tim Wright through Principal Commercial Acceptance, will be used to acquire the land and fund pre-development costs.

“The Ocean Collection will stand out among other ‘for sale’ office product due to the design of the project and detail incorporated into the buildings,” Wright said. “Split block exterior, glass roll up doors, and burnished aluminum architectural treatments will distinguish the project from the majority of the institutional tilt-up product that characterizes much of the market.”

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