MIami, FL and Irving, TX – November 3, 2014 – (RealEstateRama) — CBRE Debt & Structured Finance originated a $51 million bridge loan on behalf of Brookwood Financial Partners to finance the acquisition of two office properties at 125 E. John Carpenter Freeway and 5100 N. O’Connor Blvd. in Irving, TX. Blackstone of New York provided the interest-only, two-year bridge loan, at a 73.5% loan-to-cost ratio.
“Brookwood is an exceptional value-add buyer and contrarian, making an exceptional acquisition with 125 E. John Carpenter Freeway and 5100 N. O’Conner Blvd.,” said CBRE Vice Chairman Charles J. Foschini. “Having put the property under contract on an off-market basis, there were extremely tight due diligence schedules that needed to be met to keep the property from hitting the broader market. Blackstone was selected not only for their deal terms and structuring of the transactions, but for the speed and certainty in their execution. The deal was signed up and ready to fund in just about 22 days, several days ahead of the contract time line.”
Spanning a total of 443,273 square feet, the two buildings are located within the upscale Las Colinas submarket in the Dallas suburb of Irving. The 18-story, 399,759-square-foot Class A tower at 125 E. John Carpenter Freeway is connected to the six-story, 43,514-square-foot building at 5100 N. O’Connor Boulevard by a six-story structured parking garage. Both assets are conveniently located in the urban center of the Las Colinas submarket, with easy freeway access and close proximity to a wide variety of hotels, restaurants and shopping destinations.
The loan was led by Charles J. Foschini in collaboration with his partners Christopher Apone and Christian Lee of the CBRE Capital Markets, South Florida Institutional Properties team.
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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