Business Services Industry
Denholtz obtains $180 million from CDC Mortgage Capital
Real Estate Weekly, June 13, 2001
CDC Mortgage Capital provided a floating rate loan of approximately $180 million to facilitate the acquisition of a 27-asset portfolio of office and flex/industrial properties. The buyer, New Jersey-based Denholtz Associates, acquired the portfolio from Banyan Strategic Realty Trust. CDC's loan facility permitted the portfolio acquisition and additional loan proceeds will be available to cover certain capital improvement and leasing costs expected under the sponsor's business plan for the portfolio. CDC's financing provides Denholtz Associates the capital flexibility to maximize the portfolio cash flow through strategic asset sales and efficient property management and leasing.
The Banyan portfolio consists of 27 suburban properties located in seven states, including ten assets in Atlanta and seven properties in Florida. The portfolio is currently 89% leased. Steven Denholtz, Principal, Denholtz Associates-said, "CDC's flexible bridge loan will enable us to efficiently implement our business plan for these assets. We have a tremendous amount of interest from prospective tenants and potential buyers, and CDC's financing structure affords us the latitude to quickly consummate new property leasing as well as sale of assets deemed to be non-core to our business."
"The Denholtz deal is a good example of what sets us apart from our competition," said Brook Payner, a managing director at CDC Mortgage Capital and the head of the real estate finance group. "This was a highly structured transaction that not many lenders in today's markets are able to close." Added Christopher Kelly of CDC, "This deal highlights our group's strengths -- an entrepreneurial response to a large portfolio acquisition within a very tight timeframe."
Most Recent Business Articles
- How do I determine my retainer fee?
- Why fly solo when an executive assistant can accelerate your CLNC® business?
- The CLNC® mentors held the key to my first case and to my CLNC® success
- Atlanta CLNC® 6-day certification seminar photo galleryplus sign up today for spring 2009 to save $100.00
- Speak to a full-time practicing CLNC® consultant
Most Recent Business Publications
Most Popular Business Articles
- Using object-oriented analysis and design over traditional structured analysis and design
- Big Fish Games Migrates Upstream to Fisher Plaza; High Growth Online Gaming Firm Vaults Fisher Plaza Occupancy Rate Above 90%
- Top of the line: some of the world's most well-respected doctors practice in South Florida. A guide to choosing the best physician specialists - Top Doctors in South Florida
- Sand filter basics: high-rate sand filters can be confusing for those new to the business. Understanding valve modes is the key
- BEHR Paints Introduces a Colorful New Way to Paint and Prime All in One with BEHR Premium Plus Ultra™ Interior
Most Popular Business Publications
Content provided in partnership with http://findarticles.com/source//

