CBRE Capital Markets’ Debt & Structured Finance team has arranged a more than $50 million construction loan for the development of KAR Auction Services, Inc.’s new global headquarters in Carmel, Indiana.
CBRE arranged the seven-year, non-recourse construction and mini-permanent loan facility on behalf of an affiliate of U.S. Realty Advisors. BBVA/Compass Bank served as the senior lender in the deal, which closed this month.
Michael Sherman and Irene Lu from CBRE’s New York office worked with Jason Brown and Dan Gable of CBRE’s Indianapolis office to secure financing on behalf of the borrower.
In September of last year, KAR announced the development of this Carmel-based corporate headquarters and campus which is set to open in August of 2019. The 13-acre site will host a new 250,000-square-foot office building featuring an open floorplan and broad collaborative workspaces.
Nearly 1,600 of KAR’s 17,400 employees are based in Indiana. The new location provides space for an additional 400 jobs.
