BWE secured a $15.5 million loan to refinance the Troy Corporate Center, a Class-A office building in Troy, Michigan.
Dan Rosenberg, executive vice president in BWE’s Chicago and Boca Raton offices, together with Logan Petersmeyer, senior analyst in the Chicago office, and Isabella Barrios, analyst in the Boca Raton office, executed the transaction on behalf of Integris Ventures, a Midwest-based commercial real estate investment firm specializing in office, retail, and industrial properties throughout the United States. The non-recourse loan, secured from a life insurance company, features a highly competitive interest rate and a 30-year amortization.
Integris was able to secure very favorable loan terms due to its highly successful execution of its value-add business plan, which began when the property was first acquired in 2021. Since then, the property underwent a comprehensive renovation transforming it into one of the premier office assets in the Detroit MSA. As a result of the successful renovation, the sponsor has managed to increase the property’s occupancy to nearly 100%, helping to secure a highly accretive, non-recourse life company loan.
The property, located at 880 Long Lake Rd in Troy, MI, features 189,790 square feet of space across six stories. The office suites provide Tenants first class amenities coupled with an excellent location. In addition to the completely renovated common areas, tenants at Troy Corporate Center enjoy amenities like a micromarket, conference and event space, covered parking, locker rooms and a first-class fitness facility.
