Cornerstone provides $70m loan on San Diego asset

Cornerstone Real Estate Advisers has provided a $70m loan to Invesco Real Estate and San Diego-based developer Cruzan for the acquisition of a two-building office campus in San Diego, California. The four-year floating rate loan allows for the acquisition and repositioning of the 311,300 sq ft campus. The deal carries a loan-to-value just under 82% based on the $85.5m the joint venture paid for the property.