- CWCapital, a full-service national lender to the commercial and multifamily real estate industries, today announced that is has provided $150 million in financing for the acquisition of James Center, a Class A, 974,268 square foot office complex located in the Financial District of Richmond, VA.
The fixed-rate, 10- year term loan was financed through CWCapital’s commercial conduit platform and originated by Tammy Heyman, Managing Director of the firm’s Capital Markets lending platform. “This was an exciting transaction for the firm as we continue to expand into the large loan arena. Financing of a trophy asset with a high quality sponsor like JEMB is the best way to demonstrate our expertise.”
James Center office complex is comprised of three high-rise buildings containing a retail atrium and three restaurants. The center has a strong, diversified roster of 47 tenants including McGuireWoods, LLP, a full service law firm that has been headquartered in James Center for more than 20 years. Other tenants include Wachovia Corporation, Williams Mullen, and Davenport & Company LLC.
The borrower, JEMB Realty Corporation, is a Manhattan-based real estate development, investment and management company that was established by Joseph Jerome in 1990. In February of 2005 CWCapital provided JEMB $156.7 million in financing for 75 Broad, a 650,680 square foot mixed-use office building located in New York City.
“This loan is representative of the relationships we are continuing to develop on the East Coast and across the nation,” said Michael Berman, President of CWCapital. “Our customers acknowledge that our unique platform affords us the opportunity to be flexible and creative. We have a wealth of experience and expertise in our Capital Market’s group. Additionally, we are now one of the largest B-piece buyers in the industry. It’s a platform that is unparalleled in the industry and continues to gain recognition and win business.”
CWCapital is a leading, national full-service lender to the multifamily and commercial real estate industries. With more than 230 employees located in 13 offices nationwide, the company closed approximately $2.5 billion of loans in 2005, and over $1.5 billion of subordinate CMBS transactions. CWCapital currently services over $6 billion of loans in 44 states and, through it’s parent company, controls subordinate CMBS on over $100 billion of multifamily and commercial loans in over 60 loan pools. The company services all loans that it originates as well as loans for institutional investors. Cadim, a Montreal-based real estate advisor and portfolio manager, holds a majority interest in CWCapital Investments and CWCapital. Cadim is a subsidiary of the Caisse de dépôt et placement du Québec, the leading institutional fund manager in Canada with more than $100 billion of assets under management. For more information, visit www.cwcapital.com.
Contact:
Elizabeth Orcutt
Marketing Director
781-707-9334
eorcutt@cwcapital.com