Eric Flyckt, a senior vice president and branch manager for the Horsham, PA-based GMAC Commercial Mortgage Corp., tells GlobeSt.com that nearly a dozen lenders were willing to provide financing for the Allred Cotton Center. "Although the loan amount was challenging, we had interest from life companies to conduits, he says, adding Merrill Lynch offered the best terms. The loan has a fixed-rate interest over a 10-year term and 30-year amortization.
The borrower of record is Quads ML LLC, a company under the Douglas Allred Co. umbrella. "This was a very solid deal," Flyckt says. "It's high-quality real estate with strong, experienced sponsorship."
The Allred Cotton Center consists of five buildings situated on 33.8 acres. The buildings, all built within the past three years, are located at 4303, 4313, 4405, 4415 and 4425 E. Cotton Center Blvd. It is 95% occupied to national credit tenants, including GE Parallel, Progressive Insurance, Clarke American Checks, Wells Fargo and Phelps Dodge.
According to Flyckt, Merrill Lynch offered the best financial structure including competitive pricing and a smaller reserve for tenant improvement and leasing commissions. He also says Merrill Lynch's commitment to the financing was evident when the deal was pre-screened at the most senior level. "That gave us confidence," he says.
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