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$26,950,000
First Mortgage
Crossways
Commerce Center
Chesapeake, Virginia |
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Crossways Commerce Center comprises a total of 558,183 square feet
of mixed-use space in the Greenbrier area of the City of Chesapeake,
which is the premier commercial area, having numerous office and industrial
parks, as well as a regional mall and several retail centers. The
properties are located on a total of 36+ acre and include a one-story
office building leased to a single tenant, a one-story high security
flex building with 117,000 square feet utilized by a single tenant,
and two multi-tenant flex and high-bay warehouse buildings. The three
phases of Crossways Commerce Center were built over a 20-year period
and were fully occupied.
Suburban provided a first mortgage loan for the borrower to refinance
the acquisition funding in place on the property. The loan was a fixed-rate
mortgage having a 10-year maturity with a 30-year amortization, and
was priced at a fixed interest rate spread over the 10-Year U.S. Treasury
Bond Index.
In order to meet the financing needs of the borrower, Suburban also
arranged and coordinated the placement of mezzanine debt for the borrower,
allowing the partial buy-out of original equity.
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