Angelic Real Estate arranges loan for Red River Asset Management

Red River Asset Management, LLC, a New York based buyer, recently purchased Imperial Square, a five-building office campus located at 2401-2477 Gateway Dr. Angelic Real Estate, based in New York City, arranged the loan and provided acquisition services to Red River and its institutional partner. The financing team was led by Gabriel Silverstein and Louis D'Lando of Angelic. The lender was a Texas-based regional bank. The 68% occupied property is anchored by three credit tenants including Verizon and the GSA. Red River plans to reposition the 129,000 s/f property by improving the mechanicals, upgrading the landscaping and signage, and targeting users with a program of ready suites for tenants looking for plug-and-play space at competitive rates in the submarket. This financing process didn't finish with the closing. Angelic restructured the financing a second time within 20 days of the closing. "That was a first for me," said Gabriel Silverstein, who noted that "Ongoing loan modification over time isn't new for us to provide for our borrowers, but doing it in the first 20 days after closing is rather quick. The lender thought I was just calling to say thanks again, when we asks them to reopen the terms." In this case that was driven by a very quick value-add move on Red River's part - finding a user-buyer for one of the five buildings, the building that had most of the vacancy, and reselling it at a quick profit. "Red River chopped vacancy in half and showed a profit on their basis at the same time," said Silverstein, "it was a good story to go back to the lender with and ask for some additional benefits for the borrower. They have already taken a value add project and stabilized it."