CBRE Capital Markets’ Debt & Structured Finance team has arranged $100 million in financing for a nine-property, 1.2-million-square-foot office and industrial portfolio located in Florida, Georgia, Michigan, Pennsylvania, South Carolina, Tennessee and Texas.
Zac Brumbaugh and Jim Brumbaugh, both vice presidents in CBRE’s Orlando office, arranged the 12-year, fixed-rate, nonrecourse loan on behalf of the borrower, a joint venture between Susquehanna Holdings Company, an Orlando-based office and industrial property owner; Paul Pugliese, a Pennsylvania-based attorney and partner; and local real estate investor James Gissy. The loan also includes three years interest-only with a thirty-year amortization 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 Mr. Zac Brumbaugh.
“We were thrilled to put long-term, Life Company financing in place at favorable terms,” added Matt Wideman, partner of Susquehanna.
The mostly single-tenant properties house major tenants such as CSX, Verizon, United Healthcare, Teva Pharmaceuticals, FedEx, Simmons Bedding, Siemens, Huntsman and WestRock.
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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
