CBRE Capital Markets’ Debt & Structured Finance team has arranged $49.6 million in financing for the purchase of Plymouth Corporate Center, a two-story, 628,436 s/f multi-tenant office building at 1405 Xenium Lane North in Plymouth, Minnesota. CBREworked on behalf of the borrower, an entity affiliated with Wildamere Properties, LLC, and an undisclosed joint venture partner.
The four-year loan was structured with an initial advance of $45.0 million (72% loan-to-value for the $62.5 million purchase price), and subsequent funding of up to $4.6 million for accretive leasing and capital improvements. Initial floating interest rate is in the mid-3.00% range. Financing was originated through CBRE’s correspondent relationship with GE Real Estate, with funding from General Electric Capital Corporation.