Credit Suisse lends $ 350 million to 8 suburban offices near Atlanta, Chicago – Commercial Observer
Adventus Real Estate Trust blocked $ 350 million in debt from Swiss credit to refinance a set of eight suburban office buildings located in the Atlanta and Chicago areas, Commercial Observer has learned.
The single asset, single borrower (SASB) variable rate commercial mortgage backed securities (CMBS) financing enabled Adventus to renew its positions in three suburban office assets in the Chicago area and five in the Atlanta area.
The existing loans on these suburban office assets, which were withdrawn as part of this new SASB transaction from Credit Suisse, had previously been securitized as part of various CMBS conduit transactions.
Credit Suisse declined to comment on the deal.
BayBridge Capital Real Estate‘s Jay miller, Spencer miller and AJ Felberbaum negotiated and structured the debt agreement. The team declined to comment on the details of the transaction.
The eight suburban office buildings in this portfolio span a combined area of 2 million square feet and have proven to be resilient in the midst of the pandemic, recording 98% of rental collections, according to reports from BayBridge.
The three Illinois properties include Crossings at 1420-1520 Kensington Road at Oak Brook; Columbia Center I and II at 5600 North River Road and 9450 Bryn Mawr Avenue West, respectively, in Rosemont; and Cantera meadows at 28100 Torch Drive in Warrenville.
Crossings is an approximately 304,000 square foot suburban office that Adventus purchased for just under $ 36 million in the fall of 2013, with a $ 24.8 million loan from JPMorgan Chase. It was 91% occupied when it was purchased, according to the Adventus website. The company bought the nearly 620,000 square foot Columbia Center a year later in October for $ 93.1 million, on a $ 66.5 million loan from JPMorgan, according to the Adventus website. Adventus bought Cantera Meadows in March 2014 for $ 28.4 million, with JPMorgan also providing acquisition debt for the purchase. The loan on the asset was then securitized in the JPMBB 2014-C19 CMBS path tuning, based on data from Trepp.
The Atlanta properties in the portfolio include the 315,000 square feet Barrett Lakes Center at 1701 Barrett Lakes Boulevard in Kennesaw, which Adventus bought for nearly $ 50 million in 2016, with a $ 34.5 million loan that was securitized in the JPMDB 2016-C2 led; the 320,000 square feet Milton Park at 30000 Mill Creek Ave to Alpharetta, acquired for $ 57 million in the winter of 2016 with a loan of $ 40 million from JPMorgan; Towns in the city park at 125-500 TownPark Drive in Kennesaw, which spans 350,000 square feet and was purchased by the company in 2018 for $ 73.3 million, with the $ 48 million CMBS acquisition loan being securitized in the BMARK 2018-B6 agreement; and finally, 1000 Bois-parc and 1600 Bois-parc at 1000 Parkwood Circle and 1600 Parkwood Circle in Atlanta, respectively.
Parkwood Circle’s two assets represent more than 367,000 square feet of space. Adventus bought 1000 Parkwood for nearly $ 40 million in the summer of 2016, and he took over the neighboring 1600 Parkwood for $ 23.2 million just over two years later, according to the company’s website. .
Mack Burke can be contacted at [email protected].