Long Island City, NY – November 7, 2011 – (RealEstateRama) — The CBRE Capital Markets team in Tampa arranged the acquisition financing on Two Gotham Center, a 670,000-square-foot, state-of-the-art, LEED Certified 22-story office building, on behalf of the borrower, H&R REIT. Financing terms of the $250 million loan include a 10-year term and a 4.25% interest rate.
Situated at the southeast corner of Queens Plaza South and 28th Street in Long Island City, the Class A property represents a 1.029-acre portion of a 2.78 acre development site. The majority of the property is encumbered by a lease with the City of New York’s Department of Health and Mental Hygiene, which occupies 98.6% of the building.
Senior Vice President Michael Strober with CBRE’s Debt & Equity Finance Group in Tampa arranged the financing through two life companies on behalf of H&R REIT. The CBRE Investment Properties Institutional Group in the New York City office represented the seller in the transaction, led by Darcy Stacom and William Shanahan.
Strober and his partner, Senior Vice President Don Jennewein, have arranged over $450 million in loan transactions since rejoining CBRE in May 2011. The team focuses on debt & equity financing for institutional clients, specializing in office, industrial and retail properties.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
