Forest Office Park Financing Revealed

RICHMOND, VA-Two months after the change in ownership of the three-decade-old, 710,000-sf Forest Office Park was announced, news of just how the financing package for the property was put together–and just how much the financing was–has emerged. New owner Forest Park Associates LLC, an entity under the management of a Robinson Development Group Inc. affiliate, relied on GMAC Commercial Mortgage Corp.’s Intermediate Finance Group to craft a $33 million debt arrangement for the 19-building class B office park. The deal also includes an additional $10.5 million in equity investment designed by GMAC Institutional Advisors.

“Because of our ability to offer both debt and equity solutions to the borrower, GMACCM was able to arrange 96% of the capital structure in this acquisition,” explains GMACCM VP John C. Richards. “This is a unique property located in an in-fill location in the exclusive west end of Richmond, and this transaction is another demonstration of GMACCM’s ability to provide multiple solutions from a single source.” At the time of the deal, Forest Office Park was 80% leased to a variety of tenants, including Capital One, HCA Healthcare, the US Department of Agriculture and Virginia Social Services.