RICHMOND-Parmenter Realty Partners has secureda $43.3-million loan from NorthStarIncome to recapitalize existing debt on itsSunTrust Plaza complex here. CBRE CapitalMarkets arranged the permanent financing. Terms include athree-year, interest only amortization, an LTV of 70% and an"aggressive" interest rate.

If these sound like excellent terms, well, they are. Yet therefi market can be difficult, even for such assets and borrowers asSunTrust and NorthStar. “Most bridge lenders haven’t expanded insize or capacity and have limited amounts of capital to put out,”CBRE vice chairman Charles Foschini tellsGlobeSt.com. “Therefore they're focusing on new acquisitions. Asthe market returns to equilibrium that should change, but at themoment that's not the case.”

Foschini, along with colleagues ChristopherApone and Christian Lee, represented theborrower in the refinancing. The SunPlaza transaction was able toclose, he continues, “because the lender understood the momentum ofthe market.” Proceeds from the loan will be used to lease theproperty to full capacity and reposition it for either a sale orpermanent financing.