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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman
Arranges $240 Million Financing for a 48 Property Portfolio
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Tuesday, April 01, 2008
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New York, NY
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Cushman & Wakefield Sonnenblick Goldman, as exclusive advisor to Gramercy Capital Corp. (GKK), has arranged financing for a 48 property portfolio comprised of approximately 3.7 million square feet. The Portfolio is being financed in connection with Gramercy Capital Corp.’s acquisition of American Financial Realty (AFR). PB Capital Corporation provided the $240 million LIBOR based facility.enter
The Portfolio, approximately 95% net leased to Wachovia Bank, N.A., is comprised of office buildings, operations centers, and bank branches. Properties range in size from 5,000 square feet to nearly 500,000 square feet and are concentrated in nine states along the east coast of the United States, extending from Connecticut to Florida. The Portfolio’s broad distribution among asset type and markets makes it resistant to individual market down turns.enter
“This financing closed at a very turbulent time in the capital markets, and it was only through an incredibly cooperative effort on behalf of all parties involved that the financing was closed on time and as represented,” said Mort Holliday, managing director at Cushman & Wakefield Sonnenblick Goldman. The C&W SG deal team included Mr. Holliday, Alex Hernandez, Matthew Lembo and Russell Frahm.enter
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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