Twin Cities Newcomer Finances Prime Plymouth Properties
- Jul 13, 2015
By Ioana Neamt, Associate Editor
A prime office asset in Plymouth has just obtained $23.1 million in permanent financing from a newcomer to the Twin Cities market.
The Minneapolis office of CBRE secured $23.1 million in permanent financing for One and Two Carlson Parkway, which total 210,878 square feet between them. The borrower, One Two Holding L.L.C., enlisted the help of CBRE Capital Markets to obtain permanent financing at a sub-4 percent fixed interest rate.
According to a news release, CBRE secured the financing through Chesterfield, Mo.-based RGA Reinsurance Co. The borrower was represented by a CBRE Debt & Structured Finance team led by Doug Seylar, Murray Kornberg, Scott Larson and Ben Bastian. The transaction allowed One Two Holding to pay off the existing floating-rate debt on the property.
“As a new lending entrant to the Minneapolis/St. Paul marketplace, RGA wanted to lend on high-quality assets with exemplary sponsorship,” said Seylar in a statement. “RGA separated themselves from the market by providing exceptionally aggressive pricing, flexible prepayment terms, and a streamlined rate lock and closing process.”
The two buildings are part of the master-planned Carlson Center, an office park developed by Carlson Real Estate Co., and were 88 percent leased at the time of financing.
One Carlson Parkway encompasses 81,558 square feet of space on two floors, and earned the 2010 Platinum “A List” Award for the quality of its services. The building features a fitness center, on-site parking, security cameras and security card access.
The 130,000-square-foot Two Carlson Parkway is a four-story brick and glass office building adjacent to the Country Inn & Suites by Carlson, Minneapolis West. The property offers tenant underground executive parking, a fitness center and on-site maintenance, among other features. Both buildings are easily accessible from I-394 and I-494.
Images courtesy of the Carlson Real Estate Company