TMCnet News
3650 REIT Originates $68M Loan for Acquisition of PetSmart HQ in Phoenix3650 REIT ("3650"), a nationwide commercial real estate lender originating and servicing portfolio loans for relationship borrowers, is pleased to announce it has originated a $68 million senior first-mortgage loan for the acquisition of PetSmart Headquarters (the "Property"), a three-building, ~365,000-square-foot, class A office campus located at 19601 N. 27th Avenue in Phoenix, Arizona's Maricopa County. The loan carries a term of 84 months and is provided to sponsor BPM Real Estate Group ("BPM"), a real estate investment and development firm specializing in the acquisition and development of class A real estate throughout the United States. 3650 previously provided BPM with a $115 million construction loan for the development of Anaheim, California's Radisson Blu Hotel in 2018, which opened to much fanfare on October 26th, 2020. "3650's ability to consistently source opportunities to originate loans on well-located assets in growing markets such as Phoenix advances the strategy of our Stable Cash Flow II investment vehicle," said 3650 REIT Co-Founder and Managing Partner Toby Cobb. "Phoenix's office market has enjoyed stabilized occupancy, elevated leasing rates and reduced rent concessions over the last two years, and we expect economic conditions will only continue to improve. As the headquarters of a well-established interational brand in PetSmart, the outlook for the Property remains strong. We are pleased to once again work with an experienced sponsor in BPM." PetSmart Headquarters was originally constructed as a ~186,000-square-foot, build-to-suit property and has been occupied by sole tenant PetSmart since 1997. It has since undergone several improvements, including two additional ~90,000-square-foot buildings constructed in 2008 and a six-level, 1,224-space parking structure. Amenities at the complex include a cafeteria, pre-school, fitness center and corporate training facilities. The sponsor selected 3650 for the financing for its surety of execution, competitive pricing, in-house servicing capabilities and previous collaborative work on the Radisson Blu Hotel transaction. "The 3650 team took time to understand our organization's needs and goals," said Walter Bowen, CEO and Founder of BPM Real Estate. "Responsiveness, efficiency, and transparency are keys to the strong rapport the 3650 team has built with BPM's leadership." The Property is located in Phoenix's Deer Valley submarket, which is situated 18 miles north of the city's Central Business District. It resides at the junction of Interstate 17 and Loop 101, providing accessibility to employees commuting from around the city, as well as visibility and signage exposure to more than 220,000 vehicles per day. The Property's surrounding thoroughfares provide easy access to the greater Phoenix Metropolitan Statistical Area, including Downtown Phoenix, Scottsdale, the Camelback Corridor, and the Glendale Sports and Entertainment District. The loan was arranged by Ramsey Daya and Stephen Scarpulla of Newmark. About 3650 REIT 3650 (pronounced "Thirty-Six Fifty") REIT is a nationwide commercial real estate lender originating and servicing portfolio loans for relationship borrowers. 3650 REIT's highly differentiated lending process, national scale, vertically integrated platform and Rated Special Servicer status enable it to deliver tailored financing solutions, high-touch service and reliable, customer-focused outcomes. Additionally, 3650 REIT's ability to retain the risk on each loan it makes through maturity enables it to monitor each asset in its portfolio to incorporate ESG best practices. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the CRE debt markets. Headquartered in Miami, Florida with offices in New York, Los Angeles, Chicago, Dallas, and Nashville. For more information, visit: www.3650REIT.com. THIS INFORMATION DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, AN INTEREST IN ANY JURISDICTION.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210511005839/en/ |
