Tokai Bank to Give Financing to Office Park

Tokai Bank of California has agreed to provide $44 million in financing toward first-phase construction of 185,000 square feet of Chancellor Park, a $150-million, 16.6-acre office park in the Golden Triangle in San Diego, at Executive Drive and Executive Way.

Chancellor Park will include six office buildings of three and four stories and one two-story office building surrounding a landscaped garden plaza.

The project is a development of Joseph Development Co., the managing partner of a general partnership that includes Old Stone Development Corp. and four key executives of John Burnham & Co. The 542,000-square-foot office project is targeted for build-out in six to seven years.