In its largest loan transaction, Coldwell Banker Real Estate Finance Services' San Diego office has arranged $40 million in permanent financing for the 10-story, 195,000-square-foot West Tower at The Plaza in La Jolla Village.
The tower, which opened last May, is the second phase of the plaza, a planned, 850,000-square-foot office complex rising at 4350 La Jolla Village Drive.
Funds for the West Tower were provided by Hartford, Conn.-based Aetna Life Insurance Co. Borrower is The Plaza at La Jolla Village Associates, a general partnership that includes developers Ernest W. Hahn and Harry L. Summers.
Major tenants include the Hahn Co., HQ Plaza Executive Suites and several Coldwell Banker divisions. The plaza's architect, Brian Paul & Associates, also is a tenant.
About 220,000 of the 288,000 square feet available in the new tower and two garden-style buildings erected in Phase 1 are leased.
An identical East Tower, which will offer another 195,000 square feet of space, will be completed by the end of this year.