Real estate deal of the week

Birmingham, Ala.-based Collateral Real Estate Capital LLC recently provided $77.5 million in fixed-rate, permanent financing for the 650,000-square-foot Summit Place office complex in West Allis. The refinance, closed with an interest rate in the mid-five percent range, has a 10-year term with interest only for the first four years, followed by a 30-year amortization, according to Collateral. The loan was funded through Collateral’s CMBS lender relationship with the conduit arm of Nationwide Life Insurance Company. Summit Place was originally the home of Allis-Chalmers, which went bankrupt and closed the facility in 1987. It was redeveloped into an office complex by Dick Carlson, chairman of the board of Whitnall Summit Co.