(To read more on the debt and equity markets, click here.)
TEMPE, AZ-Dallas-based Crow Holdings Realty Acquisitions III LP has obtained $35.6 million in financing to refuel its coffer after the record-breaking, all-cash acquisition of Hayden Ferry Lakeside, a 203,100-sf, class A-plus office building. The six-year loan carries a 4.93% fixed-rate interest.
"This was a difficult loan, given the timing and the speed of the acquisition," says Paul Brindle of Holliday Fenoglio Fowler LP's Los Angeles office. "They needed it fast." The good news, he continues, is it had great sponsorship, allowing the parties to get it closed on time with Metropolitan Life Insurance Co. of New York City.
Carlos Rainwater, a Crow Holdings' director, tells GlobeSt.com that the speed of the loan was necessary because the acquisition had already gone through before the loan had closed. "We had to close on all cash and rely on credit," Rainwater says. "This loan put the financing in place."
Brindle adds the time between acquisition and closing of the loan was approximately 30 days. He says there were three lenders with proposals to provide capital. "There were plenty of people who wanted to do business with Crow Holdings, but we needed to find the right match and the right group and we did," Brindle says.
Crow Holdings purchased Hayden Ferry Lakeside from developer SunCor of Phoenix. For sale details, click here.
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