Fisher, Braddish, Gaccione and Diaz of CBRE Capital Markets arranges $55 million; loan placed on behalf of Invesco and Kaufman Org.

According to CB Richard Ellis (CBRE) Capital Markets, a $55 million 5-year, non-recourse first mortgage loan. The financing was arranged to facilitate the acquisition of 100-104 Fifth Ave., a 270,000 s/f, 20-story office building located between 15th St. and 16th St. Senior vice president Mark Fisher, executive vice president Keith Braddish, vice president Jason Gaccione and associate Michael Diaz of the CBRE Capital Markets New York City office closed the transaction on behalf of Invesco and the Kaufman Organization. Fred Leffel of Kaufman said, "We were very pleased with CBRE's efforts in this transaction. The CBRE team dug deep and worked hard through an unusually arduous process to get us an excellent deal." Purchased out of bankruptcy and burdened by court appointed management, this prime property offers new ownership the ability to upgrade the property physically, lease-up its current vacant space and replace existing tenants that occupy space at below market rents. CBRE's Debt and Equity Finance team broadly marketed the loan to numerous banks, conduits and life companies. In the end, a major New York bank made a low-rate loan that provided additional funding for capital improvements, tenant improvements and leasing commissions as such costs are incurred in the future. "In this market, while most lenders are only financing fully leased properties, the borrowers' strength, property location and low loan-to-value allowed us to not only find lenders that were willing to make this loan, but to procure an extremely competitive rate," said Fisher.