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Brandywine Sells 10-Building Portfolio

RADNOR, PA-A European investor group secures $112 million to acquire eight Harrisburg office buildings and the Green Hills Corporate Center in Reading, PA.

By Marita Thomas | Updated on July 06, 2007

RADNOR, PA-An international private investment group has acquired a 10-building, 940,500-sf office portfolio from locally based Brandywine Realty Trust. The portfolio consists of eight office buildings aggregating 356,502 sf in Harrisburg and the 584,000-sf class A Green Hills Corporate Center in Reading, PA.

New York City-based Multi Capital Group secured a combination of senior debt and mezzanine loans totaling $112 million for the buyer. MCG principal Eli Verschleiser led the effort from the lender, Toronto-based CIBC. It represents a 90% loan-to-cost ratio, according to an MCG spokesman, which would put the price tag at nearly $124.5 million, or approximately $132 per sf.

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