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-square-foot, multi-tenant office building at 1405 Xenium Lane North in Plymouth, Minnesota.
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 (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.
The loan was facilitated by Murray Kornberg, Doug Seylar, Ben Bastian and Scott Larson of CBRE’s Minneapolis office. The properties were marketed for sale by Ryan Watts, Steve Buss, Tom Holtz and Judd Welliver of CBRE Capital Markets’ Investment Properties team.
