CBRE team secures permanent loan for Syracuse portfolio.Michael Sherman, senior director in CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) | Melody's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of office, along with Efrat Sharon, senior analyst, have secured a $38.8 million dollar permanent loan on behalf of 250 South Clinton LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The transaction was completed with the assistance of CBRE's NY Tri-State Investment Team led by Jeff Dunne Jeffrey "Jeff" Dunne born 14 May 1956 is a former Australian rules footballer. Played for St Kilda as a hard running back pocket, he was a solid defender and represented Victoria. Now a business man based in Tasmania with his wife and 4 children (3 sons, 1 daughter). . Funding was provided by CS First Boston/Column Financial and carried a 5.71% interest rate over a 10 year term. The Syracuse Office Portfolio is located at a highly strategic and market superior location in the downtown Central Business District (CBD (Component Based Development) Building applications with components (objects). See component software. CBD - component based development ) and consists of two modern, prime Class A+ luxury office buildings containing 253,000s/f. The buildings, located at 250 South Clinton Street & 507 Plum Street Plum Street is a neighborhood in Detroit, Michigan, roughly the area today bounded by Michigan Avenue, the Lodge Freeway, and the Fisher Freeway. The community gained wide notice in the late 1960s as hub of art, rock 'n' roll, anti-war, drug and hippie activity. , were built between 1983 and 1991 and are among the newest, most modern and efficient buildings in Syracuse. The lack of new construction has helped maintain stable market conditions and enabled the Syracuse Office Portfolio to continuously sustain its competitive advantage. Sherman commented, "We were fortunate to be working with a very sophisticated borrower and a knowledgeable lender, both of which understood the vibrant market in Syracuse. The buildings are at the crossroads of the best commercial area in Syracuse as can be attested at·test v. at·test·ed, at·test·ing, at·tests v.tr. 1. To affirm to be correct, true, or genuine: The date of the painting was attested by the appraiser. 2. to by the diverse strong rentroll." CBRE | Melody also arranged acquisition-debt financing in the amount of $6,000,000 for Walgreens located in Kennett, PA. Ron Roth, director, and Bill Catanzaro, vice president of CBRE | Melody's Stamford office secured financing for this transaction with a correspondent life company on behalf of the borrower DAM Kennett Square LLC. The financing package included a 6.13% interest rate at a 25 year term. The proceeds of this loan were used to facilitate the acquisition of the property in conjunction with a 1031 exchange/sale of a similar property by the borrower. The borrower had a long term hold strategy and wanted to obtain a low fixed rate, long-term, non-recourse loan as supported by the two long-term, triple net leases at the property. CBRE | Melody was able to tap one of its longstanding relationships with a correspondent life insurance company for the loan. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion