$118M CMBS Loan Taken Out On Renaissance Tower
SMA Equities and The Moinian Group, owners of Renaissance Tower, got a $118M loan from Square Mile Capital Management. The loan is secured by the 56-story, 1.7M SF Renaissance Tower, and Square Mile brought in Bank of the Ozarks to take on the senior portion of the loan.
HFF’s Whitaker Johnson and Steve Heldenfels arranged the financing for SMA and Moinian. The loan is to repay the existing CMBS loan and bridge the property through stabilization.
“We received extremely competitive financing packages from multiple sources, but ultimately closed with Bank of the Ozarks and Square Mile. The terms gave us the flexibility we required to complete lease-up of our Class-A office tower,” Moinian Group founder and CEO Joseph Moinian said.