BIRMINGHAM, AL-Stonegate Real Estate Investments LLC has refinanced two trophy office properties for a total of $70 million. Wells Fargo provided two 10-year, fixed-rate mortgages for the four-building Urban Center here and Quail Springs Parkway Plaza in Oklahoma City, OK.

“These deals had all the qualities needed to develop a high level of interest from all different capital sources,” says Jimmy Board, a senior vice president in Jones Lang LaSalle’s Houston office. He arranged the financing along with Executive Managing Director and leader of the Real Estate Investment Banking team Tom Melody, Managing Director Chris Marshall and Senior Vice President Ralph Smalley.

Board tells GlobeSt.com that the assets received interest from life companies, CMBS lenders and national banks. “There was a great deal of competition looking at this deal, and we had about eight lenders that were fighting over the deal at the end of the day,” he says, adding that Wells Fargo won the deals because the bank had the best pricing and terms. The new mortgages take out two existing CMBS loans that were set to mature this August.

Stonegate now has a $45 million mortgage on Urban Center, which is comprised of four class A office buildings and is located in a prestigious, 4,000-acre mixed-use planned community known as Liberty Park. The new mortgage for the 298,510-square-foot Quail Springs Parkway Plaza is $25 million. The property is located within the Quail Springs Corporate Park, a 125-acre master-planned, mixed-use commercial park. 

“Both Urban Center and Quail Springs are definitely the trophy assets in their competitive markets and are among the biggest refinance deals these secondary markets have seen in some time,” Board says, adding that Stonegate’s long-term and stable sponsorship also enticed lenders to the table. “They’ve owned these assets for 12 years and have proven their ability to maintain occupancy and good relationships with tenants.”