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10-Asset Portfolio Earns $25M Loan Nod

STAFFORD, TX-Cosentino North America's holding company pulls 10 loans for properties in eight cities under one financing umbrella with a 75% LTV formula.

By Connie Gore | Updated on July 02, 2008

STAFFORD, TX-In a 60-day turn, Prisma Properties LP has brought a 10-property portfolio under one loan umbrella, securing $25 million of new capital with the headquarters and manufacturing space of Cosentino North America. The assets, each shouldering separate debt, were accrued between 2000 and 2007.

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.

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