CalSTRS Refinances 337.4K SF Office Building In San Diego With $70M Loan From Wells Fargo

The California State Teachers’ Retirement System (CalSTRS) has obtained a $70 million loan to refinance its 337,400-square-foot office building located at 11755 Wilshire Boulevard in San Diego. The property, which is an office asset, is owned by Cassandra Lichnock and leased to various tenants. Despite facing leasing challenges and legal disputes, the property has shown a steady increase in cash flow. CalSTRS has contributed funds towards the loan and reserves for tenant improvements.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $70,000,000
• Address: 11755 Wilshire Boulevard
• Market: San Diego
• Square Footage: 337,400
• Lender: Charles Scharf - Wells Fargo
• Landlord: Cassandra Lichnock - The California State Teachers’ Retirement System (CalSTRS)
• Loan Type: Refinance

Wells Fargo Bank has provided the senior mortgage for the loan, with a portion of it to be included in a commercial mortgage-backed securities deal. The loan was secured by CalSTRS, represented by its landlord Cassandra Lichnock. Throughout the deal, Charles Scharf served as the representative for Wells Fargo. Despite the property's challenges, CalSTRS and Wells Fargo have collaborated to ensure smooth refinancing and continued enhancements to the property.