Bank OZK has found a buyer for a nine-figure construction loan backing a mostly empty life sciences campus in Southern California. The lender sold a $265 million loan tied to Pacific Center, a 500,000-square-foot property at 9955 Pacific Heights Boulevard in northwestern San Diego, to Connecticut-based private equity firm Strategic Value Partners, Bisnow reported. Bank OZK’s sale marks one of the largest whole-loan dispositions in the Arkansas-based bank’s history. Though the loan is valued at $265 million, the exact amount Strategic Value Partners paid to acquire the debt package was not disclosed. Chicago-based Sterling Bay completed development on the property […]
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