By: Paul Dionne | Vizzda.com
Rialto Capital Management—a wholly owned subsidiary of
Lennar Homes—has acquired One 11 Monroe, the lender-owned office tower at the
southwest corner of Monroe Street and 1st Avenue in Phoenix, for $22m or $86.11
per rentable square foot. Rialto paid $2m in cash for the property and secured
an additional $20m in new debt with Jeffries LoanCore, which is itself a joint
venture between the investment bank Jeffries and the real estate investment arm
of the Government of Singapore. The seller, GE Capital, acquired the
property after foreclosing on a $41.4m note by way of a $36.4m credit bid.
The 19-story office tower, also known as the First American
Building, totals 255,477 rentable square feet on three quarters of an acre in
the Down Town Business Core. It was completed in 1964 and features a 2-story
sub-grade parking structure with 296 stalls. The property has a colorful
history: in 2003 the property reverted deed-in-lieu to LNR Partners as special
servicer for a $17m note issued by a CMBS entity underwritten by Credit Suisse.
It was acquired from the lender for $20m in 2005 and in 2007 a tenant-in-common
group paid $40m for the property. The TIC group put $10.475m down and GE
Capital issued the above referenced $41.4m for a loan-to-value of
103.5%.
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