Blue Vista Capital Recaps Huntsville Office Portfolio With $51M Loan

The nine-building office portfolio is located within Cummings Research Park, which is one of the largest research parks in the country

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Triangle Capital Group has nabbed $51 million in debt from Chicago-based private financier Blue Vista Capital Management to refinance a portfolio of office buildings located within the sizable Cummings Research Park in Huntsville, Ala., Commercial Observer has learned. 

The seven-year, fixed-rate loan includes five years of interest-only payments, followed by a 30-year amortization schedule, according to information from Berkadia, which advised in the arrangement of the financing.  

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This portfolio spans more than 670,800 square feet of office and flex office space across three sites that comprise a total of nine buildings within Cummings Research Park, which is the second-largest research and office park in the country and the fourth largest in the world, according to Berkadia and information from the park’s dedicated website. 

Altogether, Cummings spans more than 3,800 acres, hosts 300 companies, more than 26,000 employees and nearly 14,000 students within an area that is just several miles west of Huntsville’s city center, according to its website. Aerospace company Lockheed Martin, aerospace and defense firm Teledyne Brown Engineering, Redstone Federal Credit Union, and educational institutions Calhoun Community College and The University of Alabama in Huntsville are some of the largest tenants housed within the campus. 

Blue Vista’s loan was made on the two-building Perimeter Center; the five-building Progress Center; and 110 Wynn, which includes two office and flex buildings — the portfolio was 91 percent leased at origination.

“The quality of the sponsor, combined with Huntsville’s strong aerospace, defense and technology sector, made this a compelling opportunity for the lender,” said Berkadia’s Charles Foschini, who, along with colleague Christopher Apone out of the company’s Miami office, advised Triangle Capital Group in the arrangement of the debt.

Perimeter Center sports two mid-rise office buildings located at 1500 and 1525 Perimeter Parkway that span a combined 234,146 square feet and are 87 percent leased out to 41 tenants. 

Progress Center — at 6767 Old Madison Pike NW — comprises five buildings, totaling 221,259 square feet, that were erected in the late-1980s and early-1990s. The bundle is 86 percent leased to 34 tenants. 

Built in 1967, the two buildings that make up 110 Wynn total 215,485 square feet, and were renovated in 2003 and this year; they are completely leased out to a single tenant. 

Mack Burke can be reached at mburke@commercialobserver.com