CBRE|Hampton Roads arranges financing on Norfolk office building
- May 15, 2017
CBRE|Hampton Roads has arranged $35.25 million long-term, fixed-rate non-recourse financing for a Norfolk commercial office building.
The office building involved was the 225,286 square-foot SunTrust Building at 150 W. Main St. building in Norfolk. It is owned by 150 Owner, LLC.
The purpose of the loan was to refinance and secure long-term permanent fixed-rate financing taking advantage of current low interest rates.
John C. Richards Jr., vice president of CBRE Capital Markets’ Debt & Structured Finance group, arranged the financing through one of his correspondent permanent lenders. The transaction was completed in 35 days from application to closing.
CBRE Hampton Roads also leases and provides asset management services for the building’s owners.