HFF has secured $141.6 million in financing for Phase I of FLIGHT at Tustin Legacy, Orange County’s first purpose-built creative office campus. The firm placed the three-year construction loan with ACORE Capital and iStar Inc., working on behalf of project developers Lincoln Property Co. and Alcion Ventures.
Construction on the 470,000-square-foot Phase I is expected to be complete in early 2019. The project will mark the first office development to rise at the 1,600-acre site of the former Marine Corps Air Station in Tustin, Calif. The massive redevelopment project is set to include a 12,000-square-foot food hall, a 7,000-square-foot conference center, space dedicated to fitness and yoga, bike paths and walking trails, on-site car wash service, on-site property management, and much more. FLIGHT at Tustin Legacy will also provide immediate access to a plethora of retail, dining and leisure options, and it is just 3 miles from John Wayne Airport.
According to HFF, development of creative office space has been scarce in Orange County, and mostly concentrated in markets like Los Angeles or San Francisco. FLIGHT at Tustin Legacy is meant to reverse that trend and attract a diverse tenant roster to the county. Phase II of the masterplan is expected to bring an additional 550,000 square feet of creative office space to the area.
An HFF debt placement team led by Managing Director Mark Wintner and Senior Managing Director Doug Bond represented the borrower in the negotiations.