Arriba Capital, a fully-integrated, commercial real estate finance and investment company, announced Wednesday they completed a $17,300,000 fixed rate bridge loan to refinance a major office complex. Located in Michigan’s premier commercial district, Metro Office Complex in Southfield, Mich., will undergo comprehensive capital improvements by the borrower.
The 565,000 square feet, four-building office campus was formerly occupied by Blue Cross Blue Shield of Michigan until 2012.
“There were numerous competing loan offers on the table, but the sponsor sought certainty of execution in order to refinance its current loan under an expedited closing timeline before end of the year.” said Nick Barbaria, Managing Partner of Arriba Capital.
The borrower is a Toronto-based real estate investor with extensive experience in owning and leasing Class-A office properties throughout North America.
Arriba Capital is a fully-integrated, commercial real estate finance and investment company. The firm provides asset management, investment banking, capital markets services and advisory solutions. The qualified team leads with experience, and has worked with hundreds of developers and investors by offering insight and analysis for structuring projects, repositioning assets, negotiating payoffs and providing guidance to enable their sponsors to achieve successful results in these rigorous markets. Arriba Capital prides itself in offering a tailored loan program for each customer, catering to their clients’ specific needs in order to secure optimal results.