Värde Partners Closes $61.5 Million Mortgage LoanJune 18, 2018
MINNEAPOLIS – Värde Partners, the global alternative investment firm, today announced the closing of a $61.5 million loan for a 729,000 square foot office park.
The loan will provide financing for existing debt and working capital for Brass Professional Center, a 15-building office park located in San Antonio, Texas. As San Antonio’s strong economy and growing employment base creates a greater need for office space, the loan will also aid in positioning the property for sale or recapitalization over the next few years.
“Värde continues to see significant opportunity to provide flexible capital in the commercial mortgage space, specifically in secondary markets such as San Antonio,” said Brian Schmidt, Partner and Head of Värde’s Mortgage Business. “We believe this property is attractive due to its location, which offers tenants value outside of the central business district, and experienced on-site management team.”
The debt was arranged by Bryan Leonard, Managing Director at NorthMarq Capital’s San Antonio office.
Värde has more than 20 years of experience investing across a range of mortgage assets. The firm recently closed Värde Mortgage Fund II with $750 million in committed capital to invest in both commercial and residential mortgage opportunities.
About Värde Partners:
Värde Partners is a $13 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, mortgages, corporate credit, specialty finance, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Founded in 1993, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore.