Office property in central business district will undergo redevelopment into mixed-use complex

Columbus, OH – (RealEstateRama) — Calmwater Capital, a Los Angeles-based provider of commercial real estate debt, has originated a senior secured term loan to Edwards Companies for its acquisition and redevelopment of a 362,720-square-foot office building in Downtown Columbus, Ohio. The sponsor plans to redevelop the property, located at 155 E. Broad St., into a mixed-use property comprising residential, office and hotel space.

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The two-year credit facility provides initial funding for the acquisition and future funding for the redevelopment of the property. The facility also provides flexibility for Edwards Companies to release portions of the collateral after future condominiumization takes place.

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“The City of Columbus has done a tremendous job improving the quality of the live/work experience in its Downtown area, which has greatly enhanced the overall fundamentals of the local office market. The city is also making a push for people to move Downtown by providing incentives to developers and residential owners alike. There is no better sponsor to carry out the redevelopment of this office building into a mixed-use property than Edwards Companies,” said Ryan Malatesta, loan originator at Calmwater Capital. “Considering the market’s performance and the sponsor’s proven track record of successfully redeveloping properties in Downtown Columbus, Calmwater Capital is confident this project will become iconic to the Columbus skyline.”

The 24-story, Class-A office building was built in 1976 and includes both an attached, three-story ancillary galleria building and a 96-space subterranean parking garage. It is currently 70-percent leased and houses tenants such as PNC, which anchors the building’s office space. Edwards Companies plans to condominiumize the property’s main building, converting its uppermost 15 floors into residential condo units. The sponsor also plans to build a hotel over the property’s galleria building.

“In order to move forward with this project and achieve our business plan, we needed a loan that would meet our specific criteria in terms of flexibility and timing,” added Dean Kissos, COO of Edwards Companies. “Calmwater Capital delivered a competitive loan structure that fits our timeframe and allows us a high level of flexibility as we begin the condominium and redevelopment processes.”

Calmwater Capital has originated more than $1.5 billion in senior and mezzanine loans for office, industrial, retail, multifamily and hospitality projects in addition to land sites to date. The firm currently has secured credit lines from two global banks and an equity investment from two top 20 university endowments.

About Calmwater Capital
Calmwater Capital is a proven capital source, providing certainty of execution, flexibility and speed to borrowers nationwide. Founded in 2010, Calmwater provides $5 to $50 million senior and mezzanine bridge loans to investors acquiring and refinancing office, industrial, retail, multifamily, hospitality and special use across the U.S. To date, Calmwater has originated $1.5 billion in commercial real estate loans on behalf of a variety of institutional investors, including two top 20 university endowments. For more information, please visit

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