Waterfall Asset Management and Delaware Life Finalize $64.7 Million Refinance for The Torrance in California

In an important development for commercial real estate financing, Waterfall Asset Management, an alternative investment firm, in collaboration with Delaware Life, has successfully finalized a significant loan facility amounting to $64.7 million. This financing effort aims to refinance The Torrance, a Class A office property located in Torrance, California, with a substantial footprint of 301,000 square feet.

Overview of The Torrance Property

The Torrance is an eight-story office building strategically positioned on approximately 7.3 acres. It is currently home to a diverse array of tenants, including notable companies such as All Nippon Airways, Salon Republic, and Morgan Stanley Smith Barney among others. This diversification in tenant base signifies a strong occupancy profile, which is a vital factor in securing the latest refinancing deal. The financing provided not only strengthens the in-place leasing strategy but also facilitates long-term tenant renewals and the marketing of available spaces within this prime location.

Zachary Liebmann, Head of Commercial Real Estate at Waterfall Asset Management, remarked on the quality of the asset, highlighting its high occupancy rates and diverse tenant mix. He expressed satisfaction in working alongside Delaware Life to create a flexible financing solution tailored to support the property’s ongoing business plan. Liebmann emphasized the remarkable opportunity to structure capital solutions for experienced property owners while leveraging strong asset fundamentals to promote long-term value.

Financial and Structural Details

Originally constructed in 1988, The Torrance has undergone extensive renovations and modernization efforts to ensure that it meets contemporary standards. Recent enhancements include updates to the building’s elevator systems, HVAC, and common areas, in addition to the roof and exterior aesthetics. The office property boasts impressive amenities such as a two-story glass-entry lobby, a ground-floor café, comprehensive fitness facilities, and over 1,200 parking spaces to accommodate both tenants and visitors.

The prime location of The Torrance places it advantageously between West Los Angeles and Orange County, offering easy access to Manhattan Beach and several other coastal communities. Its proximity to the renowned Del Amo Fashion Center adds further appeal, serving a wider tenant base within the South Bay market, which is rich in corporate, healthcare, and aerospace industries.

Strategic Significance of the Financing

The closing of this financing agreement was facilitated by the Newmark Global Debt Structured Finance team, comprising professionals Jordan Roeschlaub, Nick Scribani, and Chris Lozinak. Their expertise was instrumental in securing favorable terms for the refinancing of The Torrance. By supporting the in-place leasing strategy, Waterfall and Delaware Life collectively strategize to enhance the asset's value and ensure its competitive positioning in the market.

About the Companies Involved

Waterfall Asset Management, founded in 2005, is recognized for its alternative investment strategy focusing on specialty finance opportunities within the realm of asset-backed credit, whole loans, and real assets. With its headquarters in New York City and additional offices in London and Dublin, Waterfall manages approximately $12.1 billion in assets under management as of March 2026. Their relative value approach enables them to invest effectively across over sixty different sectors in the asset-based finance market.

Delaware Life Insurance Company, a subsidiary of Group 1001, was founded with a mission to provide accessible insurance and annuity solutions. With a multi-asset investment management approach, it prioritizes direct origination across corporate, asset-backed, and real estate sectors. As of March 2026, Delaware Life has provided over 370,000 active life insurance policies and annuity contracts.

In conclusion, the partnership between Waterfall Asset Management and Delaware Life not only emphasizes the strength of their capital strategies in the real estate market but also underlines a commitment to fostering robust leasing operations and maintaining high-quality assets like The Torrance in a dynamic economic landscape.