NEW YORK CITY (November 18, 2014) Keith Braddish, managing director of NorthMarq Capital’s New York metro based regional office arranged the $29 million refinance of Madison Park Office Complex. The property, located at 5660 and 6550 University Parkway in Winston-Salem, North Carolina contains a total of 7, three story office buildings with a total of 485,954 sq. ft. The transaction was structured with a 10-year term and 30-year amortization schedule with 3 years of interest only. Lowe’s, Blue Cross Blue Shield and National General Insurance represent the property’s major tenants.
“This was another full-circle deal where bridge financing was balance sheeted by Wells Fargo and subsequently taken out with a CMBS loan from Wells Fargo 18 months later,” said Braddish. “This long term fixed rate financing allowed the borrower to repatriate their equity and also allowed for release provisions within the collateral package. This is now the third financing this borrower has completed with Wells Fargo.”