OKLAHOMA CITY-A $10.8-million loan has been secured by a triple-property portfolio in Oklahoma City acquired as a first move for tapping similar class B product in Oklahoma, Texas and their bordering states. Borrower Ronald E. Bradshaw & Co. LLC of Oklahoma City has two more office buildings under negotiation in Dallas and two in New Orleans.
The buyer is a father-son team, Ronald and Jason Bradshaw, with more than 35 years of combined commercial real estate experience in development and acquisition. Jason Bradshaw tells GlobeSt.com that the properties now at the bargaining table will be closing in first quarter 2003.
The loan replaces bank financing used to buy four Oklahoma City office buildings, totaling 211,000 sf, that were acquired in January from New York City’s Praedium Group. The permanent loan carries a 10-year term with 30-year amortization, says Randy Fleisher of LJ Melody & Co.’s Dallas office. Nomura Credit & Capital Inc. provided the funding at a 6.5% interest rate.
Fleisher confides that three lenders were “aggressively trying to win the bid” for the Bradshaws’ business despite the package being pure office. “They are stable, multi-tenant buildings with good sponsorship,” he says.
The buildings are the 67,272-sf Regency Center at 701 NW 63rd St.; Three and Five Corporate Plaza, totaling 99,406 sf, at 3613 and 3625 NW 56th St.; and the 44,805-sf Broadway Executive Park Five at 6601 N. Broadway Extension. Regency Center is 86% occupied with Arkansas blue Cross occupying half of the 20-year-old building. The 22-year-old Corporate Plaza complex is fully occupied by the Indian Health Services, Ceridian Co., a national payroll firm, and sundry medical-related tenants. The 100%-leased Broadway Executive Park Five’s lead tenants are Schlumberger Oil & Gas Co. and the Oklahoma Public Employees System.