PHILADELPHIA, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Rittenhouse Capital Advisors has successfully arranged the financing for the acquisition of the 356,000 square-foot class "A" office building known as the Great Valley Commerce Center. Located in Malvern, PA, the subject property is fully leased to credit tenants.
The property was acquired for $73,000,000 and Rittenhouse Capital placed the first mortgage financing with a national bank in the amount of $54,250,000, or 74% leverage.
The loan was structured as a CMBS execution and carries a 10-year term with the interest rate fixed at 4.48%. It amortizes over thirty years.
Sam Oropeza, of the Rittenhouse Capital team, was the originator on the loan and was instrumental in helping to bring the deal to fruition. Oropeza stated: “Rittenhouse Capital is certainly known for placing multi-family debt, this transaction demonstrates that we have the expertise to work on the full range of real estate assets including office buildings.”
George Johnson, President and CEO of Rittenhouse Capital, added: "This was a debt assignment that was highly sought after and competitive. We are extremely pleased that our client recognized the depth of our experience and our ability to execute and deliver the leverage needed to bring this deal to the finish line.”
Rittenhouse Capital Advisors is a debt and equity firm based in Philadelphia, PA. Our Underwriting & Lending Expertise covers the full range of commercial real estate assets, including but not limited to: multifamily, student housing, industrial, retail, and healthcare throughout the United States.