NEW JERSEY—Englewood Cliffs-based Deerwood Real Estate Capital has arranged a $25.75 million loan on a 32-story office tower in Saint Paul, Minn.
The non-recourse loan was a structured in a way that provided the borrower with 75 percent LTC for the acquisition of the building and 100 percent of all TI/LC money that will be spent when leasing up the building, which is currently 69 percent occupied.
The three-year loan will allow the borrower to execute its business plan and lease up the building.
David Rosenberg and Joe Hercenberg of Deerwood negotiated the loan.
The property is 420 ft. tall, was built nearly a century ago and has undergone a series of upgrades throughout the years.