CBRE Secures $100M Financing for Office, Industrial Assets
- Sep 22, 2016
Orlando—CBRE Capital Markets’ Debt & Structured Finance team has arranged $100 million in financing for a nine-property office and industrial portfolio located in Florida, Georgia, Michigan, Pennsylvania, South Carolina, Tennessee and Texas. The portfolio totals 1.2 million square feet of space.
CBRE vice presidents Zac Brumbaugh and Jim Brumbaugh in the firm’s Orlando office arranged the 12-year, fixed-rate, nonrecourse loan on behalf of the borrower, a joint venture between Orlando-based office and industrial property owner Susquehanna Holdings Co., Paul Pugliese, a Pennsylvania-based attorney and partner, and local real estate investor James Gissy. The loan includes three years interest-only with a 30-year amortization period thereafter. Financing was provided by the commercial real estate financing division of John Hancock Financial.
“While a portfolio loan of this size has many moving parts and goals that must be met, we ultimately were able to utilize our life company lending relationships to structure a very competitive financing package for a tremendous sponsor on a very strong portfolio of office product,” said Zac Brumbaugh in prepared remarks.
The mostly single-tenant properties house major companies such as CSX, Verizon, United Healthcare, Teva Pharmaceuticals, FedEx, Simmons Bedding, Siemens, Huntsman and WestRock.
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