CBRE’s Capital Markets’ Debt & Structured Finance team has arranged a $44.75 million loan for the refinance of Manchester Financial Centre, a 160,000-square-foot office property at 2550 Fifth Avenue in the Bankers Hill submarket of Downtown San Diego, on behalf of Manchester Financial Group. Mark McGovern, Scott Peterson and Brian Cruz of CBRE’s San Diego office arranged the 10-year fixed rate loan.
Originally built in 1965, the iconic and storied 12-story building houses Bertrand at Mister A’s fine dining restaurant and is the headquarters for Manchester Financial Group. Amenities include a fitness center, on-site coffee shop, valet parking, storage, and bike racks.
“Since acquisition, Manchester has instituted a capital-expense program to continuously upgrade the property, including a new and upgraded façade and entrance, new lobby finishes and places to gather, and new creative-tenant buildouts for prospective companies,” says McGovern. “The building successfully competes with other local and Downtown projects due to its unobstructed views of the bay, higher parking count, and convenient access to downtown San Diego.
Manchester Financial Group, which specializes in and focuses on hotel and commercial property development, has been an integral part of San Diego’s evolving convention, tourism, and hospitality landscape. The company and its subsidiaries have been instrumental in developing Downtown San Diego’s waterfront, paving the way for the city of San Diego’s burgeoning convention industry, while also founding two banks and establishing an extensive and diverse investment portfolio. Other landmark properties include the Manchester Grand Hyatt San Diego, the San Diego Marriott Marquis & Marina, the Fairmont Grand Del Mar and the Fairmont Austin (the largest hotel in Austin).