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City Office REIT unit obtains $47M loan secured by San Diego property

A City Office REIT Inc. unit obtained a $47.0 million loan secured by a first mortgage and assignment of leases and rents at the company's Mission City Corporate Center property in San Diego.

The loan, due Nov. 1, 2027, was funded in a single draw at the Oct. 5 closing. It will bear a fixed annual interest rate of 3.78%, payable monthly.

Mission City Corporate Center was part of the 10-building portfolio and five-acre land parcel recently acquired by the company in San Diego.

Metropolitan Life Insurance Co. provided the loan.