Miami, FL – March 9, 2015 – (RealEstateRama) — CBRE Capital Markets’ Debt & Structured Finance team originated $95 million in financing for the acquisition of a portfolio of five single-tenant office properties, totaling 1.6 million square feet, located in Georgia, North Carolina, South Carolina and Virginia.
Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami, Florida, office secured the financing on behalf of a private family interest in Brazil. Guggenheim Partners provided the 10-year loan with 30-year amortization, at an aggressive interest rate and 65% loan-to-value.
The properties—all occupied by Wells Fargo—are located at:
3579-3585 Atlanta Avenue, Atlanta, Georgia
401 Linden Street, Winston-Salem, North Carolina
809 W. 4½ Street and 801 W. 4 Street, Winston-Salem, North Carolina
101 Greystone Boulevard, Columbia, South Carolina
7711 Plantation Road, Roanoke, Virginia
“The trick in this deal was getting comfortable with the uses of the buildings and their value if ever Wells Fargo decides not to renew its lease,” said Mr. Foschini. “Additionally, Wells Fargo had some growth and cancellation options that enveloped this pool of assets, and an additional group that was not being purchased by this borrower. Working together, Guggenheim’s CMBS desk dove deep into the deal, understanding all the nuances, providing the borrower with a single-stop solution that accomplished both their leverage and cash flow objectives for a triple-net credit asset.”
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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.