CBRE ARRANGES $157 MILLION IN FINANCING FOR 1.6 MILLION-SQ.-FT. OFFICE PORTFOLIO IN SUBURBAN PHILADELPHIA
Miami, FL and Philadelphia PA – August 18, 2015 – (RealEstateRama) — CBRE Capital Markets’ Debt & Structured Finance team originated $157 million in bridge financing for the acquisition of a 29-property office portfolio in suburban Philadelphia, Pennsylvania. The Class A and B properties total 1,611,961-sq.-ft. and are located in Bucks County, Fort Washington, Horsham and Lehigh Valley.
Charles Foschini, Amy Julian and Christian Lee of CBRE’s Miami, Florida office arranged the financing on behalf of Brookwood Financial Partners. Starwood Property Trust provided the two-year loan with extension options, at a floating interest rate and 70% loan-to-value ratio.
“This value-add portfolio is expected to benefit from recovering rents, both nationally and in each of the properties’ localities. The loan allows the new owner to take an aggressive posture in repositioning the assets and take advantage of the leasing velocity in each submarket,” said Mr. Foschini.
The sub-portfolios consist of three buildings in the Bucks County submarket totaling 167,280 square feet; six in Fort Washington totaling 457,913 square feet; nine in Horsham totaling 318,137 square feet; and 11 in Lehigh Valley totaling 668,631 square feet.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
Contact:
Elizabeth Cross
305.428.6373
Melinda Sherwood
305.381.6453
