Published on Thursday, March 26, 2026
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The $235 million reported purchase price was among the largest deals ever recorded in the county.
Blackbird Investment Group, H.I.G. Capital and Praelium Commercial Real Estate have secured roughly $192 million in financing for a five-business park portfolio in Santa Barbara.
Starwood Mortgage Trust issued the loan, which spans five years with a floating rate. CBRE's Debt and Structure Finance team members, Brad Zampa and Mike Walker, arranged the deal.
The borrowers were all represented in-house, with Adam Belfer on behalf of H.I.G, Greg Adler for Blackbird and Scott San Filippo for Praelium.
The financing comes days after the Commercial Observer reported that Praelium had purchased the portfolio located in Goleta, California, for $235 million, citing records posted by PropertyShark. The news outlet said that this price was one of the largest ever recorded in Santa Barbara County history. Colliers was involved with the sale.
The roughly 733,497 square feet portfolio is comprised of technology and research and development assets. The portfolio is 95 percent leased to tenants involved in spaces such as aerospace and defense, life sciences, advanced technology and manufacturing-related areas. Features at the properties include clean rooms, wet labs, boom ovens, sonar testing tanks and vibration isolation platforms.
"The Santa Barbara market continues to attract institutional capital, particularly for well‑leased R&D assets with long‑term tenant demand drivers, Zampa, who serves as the executive vice president at CBRE, said in a statement.
"While debt markets remain selective, lenders are actively pursuing high‑quality assets in supply‑constrained markets, and we're seeing consistent availability of capital for larger transactions with institutional sponsorship and improving market fundamentals," said Zampa, executive vice president at CBRE.
The full portfolio is located within 2.5 miles of the following: University of California, Santa Barbara, government and aerospace organizations and tech employers.