CHARLOTTE, NC—CBRE’s Debt & Structured Finance Group arranged a $13.35-million bridge loan on behalf of Adler Kawa Real Estate Advisors for its purchase of four buildings in the Oak Hill Business Park here.
The acquired office properties total 248,487 square feet of space. Wells Fargo originated the loan, which is floating over Libor, at aggressive rates and terms, according to CBRE. A published report in the Charlotte Business Journal states the purchase price for the Oak Hill Business Park properties was approximately $16.6 million. Adler Kawa Real Estate Advisors is a Miami-based joint venture between Adler Group, Kawa Capital Partners and Ganot Capital.
“The bank financing was a low rate, floating over Libor and exceeded the pro forma expectations by several hundred basis points,” says Vice Chairman Charles J. Foschini of CBRE’s Debt & Structured Finance group. “Banks continue to be aggressive on strong deals with solid sponsorship. The flexibility of a bank loan in this instance not only allowed for the lowest cost of capital but provided for a fluid loan that would work in partnership with the operator to lease up and refinance or sell the properties as opportunity presented itself later in the market cycle.”
First Vice President Christopher Apone of CBRE’s Debt & Structured Finance Group and Christian Lee with CBRE’s Capital Markets Institutional Group collaborated with Foschini in arranging the loan.
The 8701, 8720, 8731 and 8757 Red Oak Boulevard office buildings are part of a 10-building business park that spans three parcels of land covering approximately 53 acres. Prominent tenants at the properties include: Martin Marietta, Motorola, Qwest Communications, Paychex, Woolpert, and Omega Performance Corp.