CBRE ARRANGES $13M BRIDGE LOAN FOR ACQUISITION OF CHARLOTTE, NC, BUSINESS PARK ASSETS
Miami, FL – August 12, 2014 – (RealEstateRama) — CBRE’s Debt & Structured Finance Group has secured a $13.35 million bridge loan on behalf of Adler Kawa Real Estate Advisors to acquire four buildings in the Oak Hill Business Park, encompassing 248,487 square feet in the I-77 corridor of Charlotte, NC. Wells Fargo originated the loan, which is floating over Libor, at aggressive rates and terms.
“The bank financing was a low rate, floating over Libor and exceeded the pro forma expectations by several hundred basis points,” said Vice Chairman Charles J. Foschini, of CBRE’s Debt & Structured Finance group. “Banks continue to be aggressive on strong deals with solid sponsorship. The flexibility of a bank loan in this instance not only allowed for the lowest cost of capital but provided for a fluid loan that would work in partnership with the operator to lease up and refinance or sell the properties as opportunity presented itself later in the market cycle.”
The assets at 8701, 8720, 8731 and 8757 Red Oak Boulevard are part of a ten-building business park that spans three parcels of land covering approximately 53 acres. Prominent tenants include Martin Marietta, Motorola, Qwest Communications, Paychex, Woolpert, and Omega Performance Corporation.
Adler Kawa Real Estate is a joint venture between Adler Group, Kawa Capital Partners and Ganot Capital.
First Vice President Christopher Apone of CBRE’s Debt & Structured Finance Group and Christian Lee with CBRE’s Capital Markets Institutional Group collaborated with Foschini in arranging the loan.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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