Natixis Supplies $27M CMBS Loan on Tennessee Office Asset

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Cowperwood Company has landed $27 million of commercial mortgage-backed securities (CMBS) debt to refinance a Tennessee office park that serves as the headquarters for Science Applications International Corporation (SAIC), Commercial Observer has learned.

Natixis provided the 10-year fixed-rate CMBS loan for Oak Ridge Corporate Center in Oak Ridge, Tenn. The deal refinances a previous loan Cowperwood received from J.P. Morgan Chase on the Class B office asset in 2012, securitized in the JPMCC 2012-C6 conduit deal.

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Cooper-Horowitz arranged the financing with Richard Horowitz and Justin Horowitz representing The Cowperwood Company and Natixis’ Michael Magner leading the deal on behalf of the lender.

Located at 151 Lafayette Drive, about 25 miles from downtown Knoxville, Oak Ridge Corporate Center comprises two office buildings and a 4-acre park. The four-story Oak Ridge Corporate Center comprises 160,000 square feet while the three-story, 83,000 square-foot SAIC Building houses the company’s headquarters for shared services of its human resources operations.

In July 2020, a Fitch Ratings report noted the property was 79.4 percent occupied as of March 2020 — the start of the COVID-19 pandemic. The complex had 12 percent of leases scheduled to expire in 2021 and 8 percent in 2022, according to Fitch. 

Representatives for Natixis and Cowperwood did not immediately return requests for comment.

The CMBS loan was closed on the heels of Natixis originating a $53 million refinancing for ​​Flaherty & Collins two weeks ago on River House Apartments in metropolitan Cincinnati. The lender also provided a $52 million debt package in August to refinance the new global office headquarters of FedEx Logistics in downtown Memphis, Tenn. 

Andrew Coen can be reached at acoen@commercialobserver.com