New York City-based Multi Capital Group secured a combination of senior debt and mezzanine loans totaling $112 million for the buyer. MCG principal Eli Verschleiser led the effort from the lender, Toronto-based CIBC. It represents a 90% loan-to-cost ratio, according to an MCG spokesman, which would put the price tag at nearly $124.5 million, or approximately $132 per sf.
The Harrisburg properties are at 150, 200 and 300 Corporate Center Dr.; 600 and 800 Corporate Circle; 2401 and 2404 Park Dr. and 500 Nationwide Dr. Among the tenants are Clear Channel, Deloitte Touche, Paychex and Highmark. Penske Truck Corp. is the primary tenant at the Green Hills property.
The MCG spokesman tells GlobeSt.com that overall occupancy in the portfolio is in the high 90%. The buildings were completed during the 1970s and 1980s. The disposition is part of what Brandywine's CEO Jerry Sweeney has described as an ongoing "asset recycling" strategy.
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