Calmwater Capital, a Los Angeles-based provider of commercial real estate debt, has originated a senior secured term loan to Edwards Companies for its acquisition and redevelopment of a 362,720-square-foot office building in downtown Columbus, Ohio.
The sponsor plans to redevelop the property, located at 155 E. Broad St., into a mixed-use property of residential, office and hotel space.
The 24-story, Class-A office building was built in 1976, and includes both an attached, three-story ancillary galleria building and a 96-space subterranean parking garage. It is currently 70-percent leased and houses tenants such as PNC, which anchors the building’s office space.
Edwards Companies plans to condominiumize the property’s main building, converting its uppermost 15 floors into residential condo units. The sponsor also plans to build a hotel over the property’s galleria building.
