March 17, 2015— NGKF Capital Markets has closed on the last piece of $20 million in first-mortgage financing for the acquisition of three parking structures in Cincinnati.
Minneapolis-based TCF Bank provided a $2.9 million loan for the purchase of the 890-stall parking garage at 605 Plum Sreet. The deal follows the October closing of a $17.7 million first mortgage for the 680-stall 609 Elm Street-which is contiguous to the Plum Street garage-and the 749-stall 36 East 7th Street. The first loan was provided by Galveston, Texas-based life insurer American National Insurance Company (ANICO).
“The deal allowed the buyer, a nationwide institutional parking owner, to enter into the Cincinnati market with a critical mass of over 2,300 parking stalls,” said NGKF Senior Managing Director Ben Greazel, who arranged the financing. “Urban parking structures are one of the most sought after asset classes right now, both on the acquisition and financing sides. The available capital is priced very competitively, and borrowers can get 10-year, fixed-rate loans for between 3.75% and 4.25%.”
605 Plum Street was priced for seven years at LIBOR plus 245 basis points, while 609 Elm Street and 36 East 7th Street were priced for seven years with a 25-year amortization schedule at a fixed 4.125%.
The undisclosed buyer, which owns parking structures in most major U.S. markets, plans to upgrade the facilities to maximize revenue, added Mr. Greazel.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.[button href=”http://www.ngkf.com/home/media-center/press-releases.aspx?d=6843&title=NGKF_Capital_Markets_Closes_$20M_in_Acquisition_Financing_for_Three_Cincinnati_Parking_Garages” style=”emboss” size=”medium” color=”#1e73be” hovercolor=”#dd9933″ target=”_blank” icon=”external-link”]Source: NGKF[/button]