ATLANTA—A private family interest in Brazil just won a $95 million acquisition loan for a portfolio of five single-tenant office buildings—all occupied by Wells Fargo. Located in Georgia, North Carolina, South Carolina and Virginia, the buildings span 1.6 million square feet.

Charles Foschini, Christian Lee, and Christopher Apone of CBRE's Miami office secured the financing. Guggenheim Partners provided the 10-year loan with 30-year amortization, at an aggressive interest rate and 65% loan-to-value.

“The trick in this deal was getting comfortable with the uses of the buildings and their value if ever Wells Fargo decides not to renew its lease,” says Foschini. The buildings are: 3579-3585 Atlanta Avenue in Atlanta; 401 Linden Street, Winston-Salem, NC; 809 W. 4½ Street and 801 West 4 Street in Winston-Salem, NC; 101 Greystone Boulevard, Columbia, SC; and 7711 Plantation Road, Roanoke, VA.

Continue Reading for Free

Register and gain access to:

  • 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
NOT FOR REPRINT

© 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.