John McCallion & Brian Funk Of MetLife Investment Management Acquire Note Loan In Newport Beach For $70M

The asset involved in this transaction is a note/loan located at 4000 Macarthur Boulevard in Newport Beach. The sale price amounted to $70,000,000 with a square footage of 376,781, resulting in a price per square foot of $186.

Summary of transaction details:

• Property Type: Note / Loan
• Transaction Amount: $70,000,000
• Address: 4000 Macarthur Boulevard
• Market: Newport Beach
• Square Footage: 376,781
• Price per Square Foot: $186

John McCallion and Brian Funk of MetLife Investment Management were the buyers in this transaction. The deal involved a lender takeover as MetLife acquired a defaulted loan valued at $108.5 million for $70 million, highlighting the current market conditions within Orange County's Airport Area office market.