Citi Provides $49M Loan for Group RMC’s Tulsa Office Portfolio Buy

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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.

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“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.