NGKF Capital Markets arranged a $15.85 million acquisition loan to facilitate the purchase of the leased fee interest in 134 Meeting Street on behalf of CMB Property Company (CMB). The property is a five-story, 70,407-square-foot Class A office building located in Charleston, S.C., at the corner of Meeting and Queen Streets. Situated in the heart of Charleston, it is currently 97.3 percent occupied and is anchored by K&L Gates and Haynsworth Sinkler Boyd. The seven-year loan was provided by RGA Reinsurance Company.
“134 Meeting Street drew significant interest from life insurance companies, banks and CMBS lenders,” said Joe Donato, a vice chairman with NGKF Capital Markets. “Given CMB’s experience in the Charleston market, as well as its particular experience with law firms, we were able to secure a seven-year, fixed-rate loan at a rate in the mid-three percent range that also provided for a future earn out. This is the third loan we have closed in the Charleston market in the past 18 months, and with each financing there seems to be greater demand from the capital markets.”
CMB has been actively acquiring quality properties in the greater Charleston region. In addition to 134 Meeting Street, CMB’s recent Charleston acquisitions include 400 Meeting Street, a 160-unit student housing project, and 25 Calhoun Street, a 65,000-square-foot, Class A, LEED-certified office building.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.