Wells Fargo Refinances TPG Office Portfolio With $340M Loan


Strategic Office Partners — a portfolio company of TPG Real Estate — is refinancing a portfolio of 11 office properties across six states, according to a Bloomberg alert.

Wells Fargo (WFC) is providing the $340 million, interest-only, floating-rate, five-year loan, which includes three, one-year extension options and will have a single-asset, single-borrower (SASB) commercial mortgage-backed securities (CMBS) execution. 

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The portfolio consists of primarily single-tenant, Class A office assets, totaling 1.7 million square feet. The loan is secured by the fee simple interests in 10 properties, plus the sub-leasehold interest in another, per Bloomberg. Further details around the collateral could not immediately be gleaned. 

The portfolio’s market value was listed at $451.8 million, meaning the financing had a loan-to-value of roughly 75 percent. 

Nemark’s Jordan Roeschlaub and Dustin Stolly negotiated the debt, officials at the brokerage confirmed, declining to comment further. 

Officials for TPG declined to comment. Wells Fargo did not immediately respond to a request for comment.