Stream Realty Closes $67M Bridge Loan for Atlanta Portfolio

Dallas-based Stream Realty Partners has closed a $67 million bridge loan with A10 Capital to fund the acquisition and lease-up of a 12-property portfolio consisting of retail, industrial and office buildings in the metropolitan Atlanta area. The loan was structured on a non-recourse basis and proceeds were used to fund the acquisition, capital improvement plan, and future lease-up costs of the properties. Gregg Shapiro, Director at HFF, arranged the financing; the seller identities or a complete purchase amount were not disclosed.

"We have developed a specialty in financing large portfolios comprised of middle-market commercial properties," said A10 Capital CEO, Jerry Dunn. "This loan highlights the strength and flexibility of our lending platform."

"We owe special thanks to our lender, A10 Capital," added Ben Hautt, Co-Managing Partner of Stream Realty Partners' Atlanta office. "As hectic as it was in those early morning hours before close, it was great to see them working just as hard as us. They really treated this portfolio as if they were true partners with us."

The 12 properties, which include a retail shopping center at 3201 South Cobb Drive and an industrial warehouse at 3380 Florence Road, were 56% leased at the time of sale.

For more news and information visit Blumberg Partners.

New Office Tower for Houston Skyline

BBVA Compass, a subsidiary of Compass Bancshares, Inc., announced this month that a new corporate office building is scheduled to break ground in May where the company will occupy roughly 150,000 square feet of space in a new 380,000 square foot Houston building. Redstone Companies, in a joint venture with Stream Realty Partners, is developing the new 22 story tower at 2200 Post Oak Blvd. according to a Houston Business Journal article. Manhattan Construction Co. is the overall general contractor for the project, HKS Inc. is the architect, Haynes Whaley Associates Inc. is the structural engineer and HOK will serve as the landscape architect.

"Combining our corporate offices into centralized locations in key markets such as Houston, Dallas and Birmingham is a natural evolution in the integration of our U.S. banking franchise," said Manolo Sanchez, BBVA U.S. Country Manager and President and CEO of BBVA Compass. "In addition to the eco-friendly design and state-of-the-art technology of the new building, bringing together our employees into a single location will foster a more open communication channel and sharing of ideas amongst our team."

For more news and information visit Blumberg Capital Partners.

Energy Crossing I in Dallas Trades Hands

M&I Bank unloaded the deed for Energy Crossing I in Dallas, Texas to Lincoln Property Company, acting for a public pension fund. The sale price was undisclosed, but Lincoln acquired the building free and clear with Holliday Fenoglio Fowler and Stream Realty Partners representing the seller in the transaction according to CoStar.

The 239,166-square-foot office building at 15021 Katy Freeway, developed by Opus West, is currently 20% occupied and claims KBC Advanced Technologies Inc. and Electromagnetic Geoservices ASA as two of its long-term tenants. Energy Crossing I is a Class A, six-story office structure with a four-story, 900-space parking garage on 5.3 acres in the Energy Corridor submarket.

For more news and information visit Blumberg Capital Partners.