NEW YORK--(BUSINESS WIRE)--Funds managed by Brevet Capital (“Brevet”), a leading specialty finance provider with a dedicated focus on the government sector, today announced the successful completion of a $212 million term loan facility provided to Manchester Financial Group, L.P. (“Manchester”), a leading San Diego-based hotel and commercial real estate developer.
Proceeds of the loan were used to finance the development and construction costs of the U.S. Navy’s Region Southwest Headquarters located at Manchester Pacific Gateway, a three million-square-foot mixed-use development with office, hotel, and retail accommodations that will transform San Diego’s waterfront and renowned port district into an iconic destination that will drive local economic growth and expansion. The Navy is moving into its new headquarters in October 2020.
“This successful transaction reflects Brevet’s commitment to investing in critical infrastructure projects and serving as a partner of choice for leading government agencies, counterparties, and contractors,” said Doug Monticciolo, CEO, CIO and Co-Founder of Brevet Capital. “We believe this will be an incredible facility that will serve the Navy and the surrounding San Diego community for generations.”
Abteen Vaziri, Managing Director at Brevet Capital, added, “Highly complex transactions involving government agencies and unique underwriting capabilities are the hallmark of our firm, and reflect Brevet’s commitment to creativity, collaboration and execution. We are pleased to have achieved a successful outcome for our investors, partners and counterparties, and look forward to working with the Manchester Financial Group team on exciting future projects.”
The Gateway project, which recently announced plans to develop a significant life sciences hub within the master plan, is expected to contribute more than 4,000 permanent jobs, $50 million in annual taxes and fees, and over $15 billion in economic benefits.
About Brevet Capital
Headquartered in New York, Brevet is a registered investment advisor employing a specialty finance strategy that emphasizes downside protection. Focusing on opportunities related to the government sector, Brevet originates and structures customized financing solutions that facilitate borrower growth initiatives. Since inception, Brevet has advised and structured over $20 billion of transactions. Brevet has a 20-year track record of partnering with U.S. state, federal, and international government agencies to provide unique financing solutions. For more information, please visit www.brevetcapital.com.