NEW YORK, NY – January 12, 2016 – CBRE Capital Markets’ Debt & Structured Finance team has arranged $136.5 million in financing for the acquisition of a portfolio of single-tenant office properties, totaling 1.3 million square feet. The five assets are located in New Jersey, New York, Ohio and Rhode Island.
The properties—all occupied by MetLife—are located at:
- 501 US Highway 22, Bridgewater, New Jersey
- 344 Madison Avenue, Convent Station, New Jersey
- 5950 Airport Road, Oriskany, New York
- 9797 Springboro Pike, Dayton, Ohio
- 700 Quaker Lane, Warwick, Rhode Island
The interest-only balance sheet loan, funded by Wells Fargo, included 65% leverage and a base term of five years followed by two one-year extension options. The floating interest rate was fixed via a swap at closing, and the loan offered pay downs via flexible asset release provisions.
Peter Marino, Executive Vice President, and Elizabeth Arnold, Associate, of CBRE’s Downtown Chicago office, along with Shawn Rosenthal, Executive Vice President, and Jason Gaccione, Senior Vice President, of CBRE’s Midtown Manhattan office, arranged the financing on behalf of Oak Street Real Estate Capital.
“These properties are an excellent addition to our net lease portfolio which is designed to create stable long term cash flow backed by investment-grade corporate credits,” said Jim Hennessey, Managing Partner and Chief Financial Officer, Oak Street Real Estate Capital. “We believe our ability to execute complex transactions quickly provides tremendous value to our tenants and investors.”
“The financing was structured to provide Oak Street with a strong leveraged return with the flexibility to execute on their business plan going forward,” said Mr. Marino. “Oak Street’s ability to close on the acquisition of a complex portfolio in a compressed timeline over the holidays was extremely impressive.”
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 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.
