FOR IMMEDIATE RELEASE
Contact: Jessica Neuman
IDEA HALL
(714) 436-0855 ext. 31
jessica@ideahall.com
Buchanan Street Partners Structures a $15.5 Million Bridge Loan for Hines
- Buchanan Street Partners advised Hines on financing the acquisition of an industrial building
- Hines plans to re-entitle the building for office space
Newport Beach, CA (September 21, 2006) - Buchanan Street Partners, a national real estate investment
bank, has continued to work with Hines to arrange another loan for the firm. The $15.5 million bridge loan
will fund the acquisition of a 120,380-square-foot vacant industrial building. The building is located on
6 acres of land in Irvine, CA along the Jamboree Corridor that Hines plans to re-entitle for office space.
"The deal's success was a result of all involved parties fully understanding the intrinsic value of the
real estate's location as well as recognizing that the strong sponsorship would ultimately maximize the
redevelopment opportunity," said Tim Hawthorne, Buchanan Street Partners' executive vice president.
"The general location of the building is primed to be in the center of a major redevelopment. Hines
will transform the 6 acre site into office or another commercial use."
The non-recourse loan was underwritten and closed in less than 30 days. Buchanan's deep market knowledge
and relationship with capital providers led to a creative financing structure that could accommodate
the opportunity for multiple business plans.
About Buchanan Street Partners…
Buchanan Street Partners is a national real estate investment bank that
provides real estate capital for owners and developers and investment management for institutions and
private investors. The firm's investment banking services include debt and structured finance and
investment sales for commercial, multi-family and hotel properties. Offices are located in Newport
Beach, Los Angeles, San Francisco, Chicago, Atlanta and greater Washington D.C.
About Hines…
Hines, an international real estate firm, engages in investment, development
and management projects. The company has offices in 15 countries, including Atlanta, Chicago, Houston,
London, New York and San Francisco. Since its inception in 1957, the Hines portfolio of project amount
to approximately 900 properties, including skyscrapers, corporate headquarters, mixed-use centers,
industrial parks, medical facilities, and master-planned resort and residential communities. For
more information, visit
www.hines.com.
