Tremont Mortgage Closes $30M Financing for St. Louis Portfolio
- Dec 26, 2018
Tremont Mortgage Trust has closed $29.5 million on behalf of a private buyer, to finance the acquisition of a St. Louis office portfolio. The properties include West Park I, West Park II and Pine View Point, totaling 299,000 square feet.
The first mortgage bridge loan features $26.4 million initial funding and a $3.1 million future funding allowance for property improvements and leasing. The loan was structured with a three-year initial term and two one-year borrower extension options. The as-is LTV ratio is 71 percent.
Located at 12655 Olive Blvd., West Park I comprises 98,588 square feet across five stories. The 1987-built property is 100 percent occupied to tenants including Edward Jones, Horizon Financial Group, Stifel Bank & Trust and Esse Health.
Situated at 12647 Olive Blvd., West Park II features 134,164 square feet over six floors. The 1988-built property has a 15.2 percent vacancy rate and is leased by tenants including Sorenson Communications, Flagstar Bank, Parker + Lynch and CSG. The building was last sold in August 2015, when Alex Brown Realty purchased the asset from TA Realty for $12.5 million.
Located at 1285 Fern Ridge Parkway, Pine View Point comprises 68,397 square feet across three stories. The 1999-built asset is fully leased to tenants including the U.S. Social Security Administration, Access Disability and Mitchell Humphrey. The property underwent cosmetic renovations in 2016. Back in July 2015, Fulcrum Asset Advisors purchased both West Park I and Pine View Point from Equity Commonwealth, for a total of $14.3 million, according to Yardi Matrix.
St. Louis has been a growing metro for buying activity in 2018. Just last month, Gardner Tanenbaum purchased the Federal Bureau of Investigation regional office in St. Louis, for $21 million. Prior to that, Lincoln Property Co. acquired the STL Logistics Portfolio in the submarket of Hazelwood, Mo., for $49.2 million.
Image courtesy of Yardi Matrix