Cosentino North America formed Prisma Properties in 2006 as a separate real estate holding company. The Cosentino portfolio totals 473,453 sf on 37.1 acres, a mix of structures built since the mid-1970s in eight cities.
The fixed-rate swap-out was made at a 75% loan-to-value ratio and 20-year amortization. Marshall Davidson in the Houston office of New York City-based Cushman & Wakefield Sonnenblick Goldman set up Prisma with Norwalk, CT-based GE Real Estate, which provided a five-year loan to replace interim bank financing across the board.
John Coad, national strategy leader for GE's business property division, says the number of properties created a complex situation, but the deal was put to bed within 60 days. "We had a seasoned, tenured borrower with a tenured management team with attractive properties in good markets and success in growing their business in all economic cycles," he says.
The Macael, Spain-based Cosentino employs about 120 workers at 13124 Trinity Dr., its North America headquarters. The manufacturing and distribution portfolio consists of two locations in Houston and one each in Buda, TX, Denver, Lauderhill, FL, Orlando, Atlanta, Mundelein, IL and Mendota Heights, MN.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
