Greenfield Partners Locks Down $270M CMBS Loan for Office Portfolio Refi

Deutsche Bank, Goldman Sachs and JP Morgan provided the financing

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Deutsche Bank, Goldman Sachs and J.P. Morgan Chase have provided Greenfield Partners with a $270 million loan for its 3.9-million-square-foot, 69-property office portfolio, Commercial Observer has learned.

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The debt will be securitized in the GPT 2018-GPP single-borrower commercial mortgage-backed securities deal, data from Trepp shows.

CBRE Capital MarketsJames Millon and Tom Traynor negotiated the debt. Officials at CBRE declined to comment on the transaction.

Deutsche Bank took down the majority of the financing (60 percent), while Goldman and J.P. Morgan each took 20 percent, sources close to the deal told CO. Greenfield will use proceeds to refinance existing debt on the portfolio and fund prospective tenant improvements and leasing commissions.

“This was an extremely strong execution by all parties involved in the deal, with a very positive outcome,” said one source close to the financing.

The properties are located in Florida, Maryland, New Jersey and Pennsylvania and leased to 222 tenants, diversified across industries. Westport, Conn.-based Greenfield Partners acquired the portfolio between December 2013 and January 2014. Since then, the portfolio has maintained an average occupancy of 86 percent, sources told CO, never dipping below 81 percent.

Top portfolio assets include 307 International Circle in Hunt Valley, Md., a 189,951-square-foot class-A building located 12 miles north of Baltimore that is 90 percent leased; 5201 Gateway Parkway in Jacksonville, Fla., a 150,000-square-foot property fully leased to DB Services of New Jersey, the portfolio’s largest tenant; and 9755 Patuxent Woods Drive in Columbia, Md., a 98,281-square-foot property that is currently 100 percent leased to four tenants.

Greenfield has $3.2 billion of assets under management and its current portfolio consists of 22 million square feet of industrial and office space.

Officials at Greenfield confirmed the transaction but declined to comment further. Officials at Deutsche Bank, Goldman Sachs and J.P. Morgan declined to comment.