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| Adam Lipkin |
MIAMI, FL and HOUSTON, TX — Adam
Lipkin, Vice President of Grandbridge Real Estate Capital's Miami team, has
secured a $7.8 million refinancing for a Houston-area office building owned by
a sovereign wealth fund operated by the Republic of Nauru, a South Pacific
island nation
The 18-month loan was
provided by a U.S-based crowdfunding real estate platform. With just under
10,000 inhabitants, Nauru is the world’s smallest island nation. Its government
developed the Nauru Phosphate Royalties Trust to invest proceeds from a
state-owned mining company.
In late 2015, Lipkin
arranged a $6.2 million bridge loan for the trust, which has invested in
numerous U.S. real estate assets over the years. The financing was secured by a
6-story, 138,633-square-foot single-tenant office building in the Clear Lake
submarket of Houston.
The new loan facilitated
by Lipkin provides a short-term financing solution for the property, which is
mostly occupied by Jacobs Technology, a wholly owned subsidiary of publicly
traded NASA contractor Jacobs Engineering Group (NYSE: JEC). Jacobs provides
technical, professional and construction services to various industrial,
commercial and governmental clients.
“While conventional lenders are understandably challenged and conservative with terms these days, there are viable and creative lending options out there,” Lipkin said. “With lenders that are more focused on the underlying collateral value, there is flexibility with rates, terms and structures.”
Lipkin worked with the
Trust’s experienced asset manager, Ben
Jacobson, founder of Blackstone Consulting, a Miami-based asset management
firm. Jacobson’s firm was hired by the Trust to assist with numerous challenges
and improve the overall returns and marketability of the asset. Within the last 18 months, Jacobson solved
prior management issues, renegotiated and extended the lease term, improved
operations and returns before securing the financing through Grandbride.
“There aren’t many
creative, outside the box commercial financing options, especially not for
foreign-based borrowers,” Jacobson said. “We worked together to ensure the
eventual lender would be thrilled to underwrite this asset in a strong office
submarket.”
For a complete copy of the company’s news release,
please contact:
Eric Kalis
Account Director,
BoardroomPR
ekalis@boardroompr.com
O 954-370-8999
C 305-794-5123
Bank of America Plaza |
1776 N Pine Island Road
Suite 320 | Fort
Lauderdale, FL 33322
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