Atria Corporate Center
Atria Corporate Center

Talcott Realty Secures $76M for Two Midwest Offices

LOUISVILLE, KY—Entities controlled by Talcott Realty Investors have gained $76 million in financing for both the Ormsby office complex here and Atria Corporate Center in Plymouth, MN.

Ormsby I, II & III, purchased in Talcott’s third fund, consists of three Class A office buildings the Forest Green Corporate Campus here. Together, the properties total 513,612 rentable square feet and are 88-percent leased. The 350,631-sq.-ft. For this property, a $45 million loan carries a three-year term, a floating rate with an option to swap and an approximate loan to value of 65 percent. BBVA/Compass Bank provided the financing.

Atria was constructed in two phases between 1985 and 1988, and was acquired as part of the third fund. The property is currently 90 percent occupied. The $31 million loan for this property carries a five-year term, a fixed rate of 3.30%, and an approximate LTV of 65 percent. Hartford Life Insurance Co. provided the financing.

Mike Riccio and Susan Larkin with CBRE’s led the team that arranged these transactions, and they were assisted by Douglas Seylar and Murray Kornberg.

TAGS: Lending Office
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