$90m foreign loan for Green/Gale JV.

Sonnenblick-Goldman, serving as the exclusive advisor to a joint venture comprised of affiliates of SL Green Realty Corp. and The Gale Investments Company, LLC, recently arranged a $90 million, floating-rate mortgage for North Troy Corporate Park, an eight-building office portfolio located in Troy, Mich.

The loan was arranged with a foreign bank.

North Troy Corporate Park consists of eight office buildings, ranging from three to seven stories, totaling 1,209,297 s/fon approximately 94 acres. The properties were all developed by Bellemead Development Corporation between 1981 and 1990 and are located within the Northfield Hills Corporate Center Office Park, a master-planned 200-acre office/research park.

During the past two years, North Troy Corporate Park has attracted more than 400,000 sf of new tenants and completed over 55,000 s/f of renewals and/ or expansions.

The portfolio is currently leased to a diverse roster of credit-worthy tenants, including Electronic Data Systems Corporation, Quicken Loans, Inc., Automatic Data Processing, Inc., and Henry Ford Health System, among others.

Located in affluent Troy, Mich., North Troy Corporate Park is just 18 miles north of Detroit.

Because of its diversified economy and limited dependence on the auto industry, the North Troy office market has historically been one of the best performing submarkets in Detroit in terms of net absorption and rental rates.