Citi Provides $49M Loan for Group RMC’s Tulsa Office Portfolio Buy
By Cathy Cunningham March 29, 2019 4:11 pm
reprints
Citigroup has provided a $48.7 million loan for Group RMC’s acquisition of a portfolio of nine office buildings, in Tulsa, Okla., Commercial Observer has learned.
JLL’s Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Matt Collins and Sean Bastian negotiated the debt.
“This portfolio represented a significant opportunity to acquire a high-profile selection of quality office assets located in Tulsa’s affluent southern submarkets,” Schwartz said. “Offering a combination of low-, mid- and high-rise office space, the buildings appeal to a broad array of tenants as an economic alternative to the area’s higher-priced office assets.”
Group RMC purchased the portfolio from Landhuis Company, paying $64.9 million, sources said.
The properties comprise 1 million square feet and include the 189,124-square-foot Towne Center, 10810 East 45th Street; the 166,754-square-foot Exchange Tower, 4500 South Garnett Road; the 138,708-square foot Triad Center 1, 7666 East 61st Street; and the 134,941-square-foot Two Memorial Place.
In August 2018, JLL also arranged a $63 million loan for Group RMC’s purchase of a Chicago office complex, and earlier this week the brokerage negotiated a $53 million loan for its acquisition of Grand Oak Business Park, a 10-building campus at 860 Blue Gentian Road in Eagan, Minn. Morgan Stanley providing the financing on both occasions.
A spokesman for Citigroup declined to comment. Group RMC officials could not immediately be reached for comment.
