Grandbridge originates $63 million loan for Oregon office building
Grandbridge Real Estate Capital‘s Milwaukee office originated and closed a $63.25 million fixed-rate loan secured by Murray Business Center, a 332,000-square-foot suburban office building located in Beaverton, Oregon. Funding for the transaction was provided by TIAA-CREF. The loan was made at 98 percent of appraised value with an interest rate of 5.61 percent fixed for the entire 21.3-year loan term. The transaction features an initial 39-month interest-only component with negative amortization which converts to an 18-year amortization. Grandbridge vice president Rob Meister arranged the financing. "The foundation of this and every other single credit tenant deal is the tenant’s unsecured public debt rating coupled with the terms of the lease. In this case, the tenant had an excellent AA rating, and the lease they executed was absolute net,” he said. “These items combined to allow the lender, TIAA-CREF, to offer maximum proceeds at a low rate. This transaction was structured with a number of escrows to maximize the loan amount in spite of the asset’s unusual tenancy. Specifically, the main tenant currently occupies 72 percent of the property with an unrelated non-credit tenant occupying the remaining 28 percent until September 30, 2013, at which time the main tenant takes over the entire building. The non-credit tenancy required that escrows be established at closing for operating expenses and an interest reserve.”
Small commercial building planned at Highway 45 and Silver Spring
Omar Ahmad plans to build a 3,075-square-foot commercial building at 11410 W. Silver Spring Dr., Milwaukee, northwest of U.S. Highway 45 and Silver Spring Drive. It will be a two-tenant building. Ahmad plans to operate a MetroTax tax preparation service in one of the tenant spaces. The other space will be leased out. That space will include a drive-thru window.
TWP Architecture wins awards for Herrington Recovery Center
Elm Grove-based TWP Architecture has won six for its design of the Herrington Recovery Center at Roger’s Memorial Hospital. VJS Construction Services was the general contractor for the project. The latest award for the project is the SE2 (Sustainability and Energy Efficiency) Leadership Award Special Citation. One of only seven awards given in the state of Wisconsin, SE2 recognizes leadership in energy efficient and sustainable design, construction and operation in Wisconsin commercial buildings and related systems. This award program was offered through the Wisconsin Green Building Alliance. The Herrington Recovery Center is a residentially-based substance abuse treatment center serving professionals in need of chemical addiction recovery.
Construction firm adds solar panels to its building
VJS Construction Services (VJS), a general contracting, construction management, and design build firm, recently completed installation of solar panels at its corporate office in Pewaukee.
