Updated Oct 13, 2026
Kilroy Realty Obtains $375M Refinance Loan For One Paseo Campus In San Diego
3725 Paseo Pl San Diego, CA 92130, USA
$375,000,000
Building Size
—
Asset Type
Mixed-use
Closing
Aug 1, 2023
About this deal
AI
Kilroy Realty Corporation has secured a $375 million non-recourse loan from New York Life Insurance Company for its One Paseo campus, located at 3725 Paseo Place in San Diego's Del Mar submarket. This mixed-use property, spanning 36 acres, represents a significant investment in the San Diego market.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $375,000,000
- Address: 3725 Paseo Place, San Diego
- Market: San Diego
- Lender: New York Life Insurance Company
- Landlord: Kilroy Realty Corporation - John Kilroy
- Brokers: JLL & Allen Matkins
The loan, with a term of 11 years, carries a fixed interest rate of 5.90%. It is a non-recourse loan, meaning the lender cannot hold the borrower personally liable for repayment. The loan will be repaid on an interest-only basis and is set to mature on August 10th, 2034.
This financing arrangement will serve Kilroy Realty Corporation's general corporate purposes, supporting the ongoing operations and growth of the One Paseo campus.
On the Map
$375,000,000
Mixed-use
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93