Ladder Capital Provides $60M in Acquisition Financing for Office Property Trio
By Cathy Cunningham December 16, 2019 5:29 pm
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Group RMC has landed $60 million in financing for its purchase of three office properties in Illinois, Wisconsin and Kentucky, Commercial Observer has learned.
Ladder Capital provided the debt in a deal negotiated by AKS Capital Partners’ Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz and Michael Ianno. A spokesperson for AKS declined to comment, and the properties’ acquisition price couldn’t immediately be ascertained.
The first property, at 5100 River Road in Schiller Park, Ill., is a Class A multi-tenant office property located near two of Chicago’s most heavily traveled expressways; I-90, I-190 and I-294. Amenities at the 140,730-square-foot asset include a modernized fitness center and catering cafe.
Brookfield Lakes Corporate Center in Brookfield, Wis., comprises 12 buildings; one retail, four mid-rise multi-tenant office and seven single-story office buildings. Area amenities include high-end restaurants, retail options, lodging and banquet facilities and golf courses.
The third property is Coldstream Center at 1500 Bull Lea Road in Lexington, Ky. The 138,482-square-foot property combines office and research facilities with open, green space and neighbors the University of Kentucky. The spacious campus includes a 225-acre park as well as an Embassy Suites Hotel and Conference Center.
Group RMC—headquartered at One World Trade Center— generally targets cash-flowing assets of 200,000 square feet and larger with credit tenants, per its website.
Earlier this year, Citigroup provided a $48.7 million loan for Group RMC’s acquisition of a portfolio of nine office buildings, in Tulsa, Okla. The AKS team—then at JLL—also arranged that financing.
Officials at Ladder Capital could not be reached for comment. Officials at Group RMC didn’t immediately respond to a request for comment.
