Bank of America provided balance sheet debt under a transaction organized Jordan Roschlaub as well as Dustin Stolley, vice chairs and co-leaders NewmarkDebt and Structured Finance Division in New York, together with senior managing directors Chris Kramer as well as Nick Scribani, director Eden Abraham and associate Ben Kroll…
There was fierce competition for funding.
“The lending community’s appetite for this opportunity has been tremendous,” Roshlaub said in a prepared speech. “The continued implementation of the post-COVID business plan has been a clear indicator to the credit community that this office product is still in strong demand.”
Located on a 14.1 acre campus at: 8600-8700 West Bryn Mawr Avenue, The Presidents Plaza consists of four towers connected by two three-story glass atriums. Built in the 1980s, the facility recently underwent a massive $ 20 million renovation that helped win several market-rate leases during the pandemic. It also benefits from its location along the urban sprawl. Blue line high-speed transport system.
Today, the upscale amenities of the Presidents Plaza include a spacious terrace, hairdresser, fitness center, cafe and underground car wash. The hotel’s recently refurbished lobby is opposite the renter’s lounge, which features a bar and billiard tables.
“The Angelo Gordon and Glenstar teams have done an exceptional job of renewing this asset and now have very favorable funding to continue to benefit from the significant increase in market value,” Stolli said.
In accordance with Crane’s Chicago Business, the property was previously owned by a joint venture between PGIM and Chicago-based Glenstar until Angelo Gordon acquired a majority stake in March 2018. At the time, the $ 148 million deal was about $ 177 per square foot.
In June, Angelo Gordon – together with Group We – sealed another refi for a portfolio of 16-asset commuter offices spread across Nassau and Suffolk counties on Long Island, CO first reported. Newmark’s team also arranged for a debt payment in this case, with Barclays as well as Citigroup a $ 350 million commercial mortgage-backed securities (CMBS) loan.
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