RALEIGH, NC—Highwoods Properties just won a $78.7 million refi on its Forum office park. The office portfolio offers five class A Energy Star-rated buildings spanning 635,380 square feet on a 19-acre campus in Raleigh, NC.
Cassidy Turley executive managing director John Campanella and vice president Paul Spellman arranged the financing on behalf of Highwoods. Highwoods is a publicly-traded REIT that provides leasing, management, development, and construction services. An unnamed commercial bank provided the financing.
“Due to the institutional sponsorship and outstanding tenancy, the transaction priced aggressively making it one of the premier finance transactions in the Southeast in 2013,” says Campanella. The office complex is 96% leased.
The Forum sits at the intersection of Strickland Road and Six Forks Road. That's just one mile south of Interstate 540, a major interstate with access to Durham, Chapel Hill, Cary, and the Raleigh-Durham International Airport.
Highlands has been active in the capital markets lately. The firm in November executed a recast of its $475 million unsecured revolving credit facility, which replaced a credit facility it obtained in 2011. The company also recast its $200 million unsecured bank term loan by extending the term for one additional year to January 2019 and reducing the LIBOR borrowing spread from 135 basis points to 120 basis points.
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