Walker & Dunlop Arranges $92M for Group RMC
Walker & Dunlop structured the two bridge loans for the acquisitions of two office towers in Jacksonville, FL and Columbus, OH.
JACKSONVILLE, FL – Walker & Dunlop Inc. has structured $91,767,640 in financing for the acquisition of two high-rise office buildings, located in Jacksonville, FL and Columbus, OH. The firm arranged the financing package for their long-time client, Group RMC.
The two marquis office buildings consist of Bank of America Tower in Jacksonville, FL and 65 East State St. in Columbus, OH.
The acquisition financing comprises two floating rate, three-year, interest-only bridge loans.
The Walker & Dunlop team of Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Ianno, Sean Bastian and Ian Hawk arranged the financing on behalf of Group RMC.
The team identified Prime Finance as the lender for Bank of America Tower, and Voya as the lender for 65 East State St.
Each of the properties has undergone multi-million dollar capital improvements.
The 44-story, Bank of America Tower represents the only LEED-certified office tower in Jacksonville. The class A building features more than 662,241 rentable square feet, a five-story annex with an additional 35,881 square feet and 900 parking spaces. Recent upgrades to the tower include a new HVAC system, new lighting systems, new security systems, elevator modernization and refurbished common areas and lobby.
The 26-story, 65 East State St. office tower features 494,487 rentable square feet in Columbus’ central business district; located directly across the street from the Ohio State Capital Building. The tower’s recent capital improvements include an exterior façade renovation, a new conference center and fitness center, an updated lobby and elevator cabs, a renovated exterior patio and new monument signage.
“We witnessed an incredible amount of demand for this financing given the best-in-class sponsor and the attractive asset type, despite a challenging capital markets landscape during the COVID-19 pandemic,” says Walker & Dunlop’s Adam Schwartz. “Together, the W&D team drove a competitive process among a number of qualified capital providers for these marquis office assets.”