Barings Provides Acquisition Financing on Burbank Office

Rhea-AI Summary

Barings has provided a $48.3 million mortgage to finance the acquisition of The Link, a 125,000 square foot office property in Burbank, California. The joint venture consists of Pendulum Property Partners and Long Wharf Capital. This acquisition is notable for being in a strong office market, close to major studios like Warner Brothers and Disney. The mortgage is structured with a five-year term and includes funding for tenant improvements and minor capital work. Barings manages over $326 billion in assets globally.

Positive

• Acquisition financing of a strong asset in a high-demand market.
• The Link's location near major studios enhances its attractiveness.
• Strong sponsorship by Pendulum Property Partners and Long Wharf Capital.

Negative

• None.

CHARLOTTE, N.C., June 15, 2021 /PRNewswire/ -- Barings, one of the world's leading investment managers, today announced it has provided a $48.3 million mortgage to finance the purchase of an office property in Burbank, California.

A joint venture between Pendulum Property Partners and Long Wharf Capital is acquiring The Link, a 125,000 square foot 7-story office property, located in one of the nation's strongest office markets.

"We are excited to close on an acquisition financing of a high quality office building in one of the country's best office submarkets," said Jack Cheng, Barings Originations for Western U.S. "We believe that the strong sponsorship consisting of Pendulum Property Partners and Long Wharf Capital will be able to execute their business plan in an ever tightening, high demand office market."

The mortgage from Barings, with a five-year term, closed in conjunction with the acquisition and includes funding for TI/LC and some slight capital work.

Newmark Knight Frank advised the sellers on the property transac­tion as well as helped the partnership line up the financing.

The Link is located at 2901 W Alameda and is situated in close proximity to the Warner Brothers' headquarters and Disney. Most of the tenants in the property provide post production services to all the major studios.

About Barings
Barings is a $326+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.

*Assets under management as of March 31, 2021

Contact
Cheryl Krauss, Barings, 980-417-5858, Cheryl.Krauss@barings.com

21-1675240

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SOURCE Barings

FAQ

What is the value of the mortgage provided by Barings for the Burbank property?

Barings provided a mortgage of $48.3 million for the acquisition.

Who is acquiring The Link office property in Burbank?

The Link is being acquired by a joint venture between Pendulum Property Partners and Long Wharf Capital.

What is the size and location of The Link office property?

The Link is a 125,000 square foot office property located in Burbank, California.

What are the expected benefits of acquiring The Link?

The acquisition is expected to benefit from its location in a strong office market and proximity to major studios.

What type of funding does the mortgage from Barings include?

The mortgage includes funding for tenant improvements and some minor capital work.