Friedman Secures 2 Loans for Suburban Detroit Office Assets
- Feb 22, 2019
Friedman Finance has arranged two loans totaling $26.5 million for two office properties in Troy, Mich. Director Ryan Denomme originated the 10-year financing through TCF National Bank, providing the borrower with prepayment flexibility.
According to Yardi Matrix data, Rialto Capital Management has owned the properties since 2012 working together with Friedman Integrated Real Estate Solutions as the buildings’ manager. The two assets are located at 700 and 800 Tower Drive, off Interstate 75 and within North Troy Corporate Park.
The larger asset, 700 Tower Drive, received $14.5 million in financing. The 7-story building encompasses 241,580 square feet and parking accommodating more than 1,000 vehicles. Originally completed in 1989, the property underwent cosmetic renovations in 2014, according to Yardi Matrix. In January, it was more than 90 percent occupied.
The property at 800 Tower Drive received the remaining $12 million in financing. Completed in 1983, the 218,000 square-foot asset also includes a large parking lot for up to 1,177 vehicles. It was almost fully occupied in January.
According to a recent Yardi Matrix report, Detroit’s Troy submarket has been one of the most active areas for leasing and sales activity for several quarters. Some of the factors attracting investors include a generous office inventory, low office rents and large, recently-renovated buildings.
Images courtesy of Yardi Matrix