Pine River provides $121m on Texas, Virginia offices

Pine River Capital Management has provided a $120.5 million bridge financing on a three-property portfolio on five office buildings in Texas and Virginia.

Pine River Capital Management has provided a $120.5 million bridge financing on a portfolio of three office complexes, containing a total of five buildings in Texas and Virginia.

SunTrust Center, Richmond, Virginia
SunTrust Center, Richmond, Virginia

The real estate investment management firm provided the three-year loan with extension options and a 63 percent loan-to-value to Parmenter Realty Partners, according to CBRE which helped arrange the financing. The portfolio includes the SunTrust Center in Richmond, Virginia, and the Las Colinas Towers I & II and Mandalay Tower in Irving, Texas.

Charles Foschini, vice chairman, capital markets, CBRE, said in a prepared statement that one of challenges on this deal was that SunTrust, the namesake tenant in the property, had announced their departure during the marketing period.

“Working together through a competitive process, Pine River was selected based on their ability to clearly understand the Texas submarkets and further believe that the Richmond market could easily reabsorb the space to be left by SunTrust,” added Foschini.

The SunTrust is a two-building, 486,340 sq ft office complex built in 1967 and 1983. The Las Colinas is a two-building, 484,028 sq ft office property constructed in 1979. The Mandalay is a 325,219 sq ft office building built in 1981. All three are Class A properties.

Pine River Capital is an alternative asset manager founded in 2002 and is based in Minnesota.

The lender and borrower did not respond to requests for comment.