CIT backs a California office campus deal

The New York lender is offering $60 million in senior secured credit to a JV between two real estate companies that will be using the money to refinance and renovate a sprawling office complex in San Diego.

CIT Group has provided a $60 million senior secured credit facility to a joint venture between Rockwood Capital and The Muller Company, two real estate investment firms. The funding was provided by CIT Bank, the US commercial bank subsidiary of New York-based lender CIT.  Terms about the transaction were not disclosed.

Proceeds from the facility will be used to refinance existing debt and fund the renovations of Torrey Pines Court, a five-building Class A office campus in the La Jolla neighborhood of San Diego, CA, CIT announced today. The space is 206,128 square feet and is located on 9.24 acres of land that’s adjacent to the 10th hole of the Torrey Pines Golf Course.

“We’re pleased to provide this funding and establish these new relationships with Rockwood Capital and The Muller Company,” Matt Galligan, president of CIT Real Estate Finance, said in a statement. “La Jolla offers some of California’s most scenic Pacific Ocean views along with convenient access to restaurants and retail shops, established residential communities and an excellent school system. This deal further demonstrates CIT’s ability to use our local real estate market expertise to create a tailored financing solution for our customers.”

Rockwood Capital is a real estate investment firm that provides equity capital for repositioning, recapitalization, development and re-development of retail, hotel, residential, office and research and development space in prime locations throughout the US. The firm was founded in 1990 and has offices in New York, San Francisco, Los Angeles and Seoul.

The Muller Company was founded in 1979 and is headquartered in Irvine, CA. It’s a full-service real estate development, management and investment company that acquires and manages office, industrial and retail assets throughout the Western US. Muller’s current portfolio contains 35 assets consisting of over 6.1 million square feet.