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John McCallion & Brian Funk Of MetLife Investment Management Acquire Note Loan In Newport Beach For $70M
SOLD
$70,000,000
California
See Similar DealsNote / Loan376,781 SF
Sold 09/23/2025
SOLD
John McCallion & Brian Funk Of MetLife Investment Management Acquire Note Loan In Newport Beach For $70M
4000 Macarthur Boulevard
See Similar DealsNote / Loan376,781 SF
Sold 09/23/2025
Summary
CALIFORNIA
Asset Type:Note / Loan
Price Per Square Foot:$185
Total Square Footage:376,781 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,733,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$248,695.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$331,835.71
Annual Debt Service$3,982,028.55
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