FREDERICK, MD—Cronus, Inc. secured a $25.5 million loan for its acquisition of 800 Oak St. here. Greg Greene and Scott Lewis with CBRE's Debt & Structured Finance group in Dallas arranged the financing for the 209,184-square-foot office building, which is fully occupied by United HealthCare. The 6.5-year, non-recourse loan was secured at 95% LTC.
This purchase became viable thanks to the exceptional financing terms, according to Jorge Rodriguez, principal at Cronus, whose focus is acquiring assets net leased to investment-grade tenants.
The building was a build-to-suit for a major insurer originally and then extensively expanded in 1980. The property is located on 25.9 acres of land directly off Highway 40.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
