Dealmaker: Berkadia Secures $52M in Financing for Office Properties

Berkadia secured $52 million in financing for office properties in California and Florida.

In Valencia, Calif., Berkadia Managing Director Scott Wilkie and Associate Director Evan Ballmann secured $23.5 million for borrower Scorpion Real Estate LLC to refinance its headquarters building.

The 10-year loan from Citigroup, New York, closed with a 4.05 percent interest rate, a 73 percent loan-to-value ratio and a 30-year amortization schedule.

“Berkadia was able to achieve strong proceeds and overall loan terms on this Class A office property in the midst of a global pandemic,” Wilkie said.

Located at 27750 Entertainment Drive, Scorpion’s headquarters is an open-office floor plan with 100,000 square feet. The office includes 18 meeting rooms, a restaurant-style cafeteria, indoor and outdoor dining areas and an employee game lounge near Interstate 5.

In February, Berkadia arranged $28.5 million toward the $35.1 million acquisition of BB&T Financial Center, a two-tower, nine-story Class B office building in downtown Sarasota, Fla. Managing Director Scott Wadler and Associate Director Alec Fox secured the loan for Tricera Capital, a real estate investment firm based in Miami.

Prime Finance, New York, originated the three-year bridge facility for the initial acquisition and future funding for lease-up and property upgrades.

“Tricera will bring an institutional mindset and upgraded approach to an otherwise historically local market and asset,” Wadler said.

Built in 1985, the BB&T Financial Center has 235,720 square feet of rentable space currently 69 percent occupied. Located one block north of Main Street in the city’s central business district, the property is less than five minutes from N Tamiami Trail and 10 minutes from Sarasota-Bradenton International Airport.