A joint venture between Susquehanna Holdings Company, an Orlando-based office and industrial property owner; Paul Pugliese, a Pennsylvania-based attorney and partner; and local real estate investor James Gissy has secured $100 million in financing for a nine-property purchase. The portfolio consists of 1.2 million sqf office and industrial space located in Florida, Georgia, Michigan, Pennsylvania, South Carolina, Tennessee and Texas. The partnership received a 12-year, fixed-rate, non recourse loan which includes three years interest-only with a thirty-year amortization. The funding was arranged by CBRE through the commercial real estate financing division of John Hancock Financial. The mostly single-tenant properties house major tenants such as CSX, Verizon, United Healthcare, Teva Pharmaceuticals, FedEx, Simmons Bedding, Siemens, Huntsman and WestRock.
“While a portfolio loan of this size has many moving parts and goals that must be met, we ultimately were able to utilize our life company lending relationships to structure a very competitive financing package for a tremendous sponsor on a very strong portfolio of office product,” said Zac Brumbaugh, vice president CBRE.
