CBRE Capital Markets’ Debt & Structured Finance team has closed a $49.6 million loan for the purchase of Plymouth Corporate Center, a two-story, 628,436-square-foot multi-tenant office building in Plymouth, Minnesota.
The building is located at 1405 Xenium Lane North.
CBRE worked 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 million, and subsequent funding of up to $4.6 million for accretive leasing and capital improvements.
Murray Kornberg, Doug Seylar, Ben Bastian and Scott Larson of CBRE’s Minneapolis office facilitated the loan. The properties were marketed for sale by Ryan Watts, Steve Buss, Tom Holtz and Judd Welliver of CBRE Capital Markets’ Investment Properties team.
