$21.87M acquisition financing secured for Birmingham office property
JLL Capital Markets led financing efforts for Renasant Place in the heart of the downtown
CHARLOTTE, July 15, 2021 – JLL Capital Markets announced that it has closed the $21.87 million financing of Renasant Place, a 284,189-square-foot, office building in Birmingham, Alabama.
JLL worked on behalf of the borrower, Cicada Capital Partners, LLC and Eightfold Real Estate Capital, LP, to secure the floating-rate acquisition loan through Ladder Capital Finance LLC.
Sitting in the heart of the Birmingham CBD, the 15-story property is anchored by Renasant Bank and features a diversified rent roll, including tenants in the technology, financial services and legal industries. Renasant Place offers tenants a fitness center, two conference rooms, an on-site Renasant Bank branch.
The JLL Capital Markets team representing the borrower was led by Director John Gavigan.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Cicada Capital Partners, LLC
Cicada Capital Partners is a private real estate investment firm focused on the key economic markets in the vibrant, rapidly growing Southeast. Cicada Capital Partners specializes in value-add office, industrial and multifamily properties in mid-tier markets, but also specializes in turn-around or opportunistic real estate investments, offering the potential for value enhancement. The firm’s members have extensive investment, development, capital markets, asset management and operational capabilities. With significant investments in Memphis, TN, and Birmingham, AL, Cicada Capital Partners is a full-service real estate organization, whose mission is to deliver long-term value to its investors.
About Eightfold Real Estate Capital, LP
Through seven discretionary closed-end funds, Eightfold Real Estate Capital, LP manages real-estate related assets on behalf of institutional investors and high-net-worth families and individuals. Eightfold was founded in early 2012 by former senior executives of a leading investor in below-investment-grade CMBS and special servicer of CMBS loan pools. The Eightfold principals collectively managed a commercial real estate debt business involved in the sourcing, underwriting and investment in high-yielding real estate loans and securities and the management of the nation’s largest special servicing platform, responsible for the workout of defaulted mortgage loans in CMBS pools. Eightfold has been an active participant in the new issue CMBS B-piece space since formation and has dedicated capital to continue investing in the space. Eightfold is affiliated with a well-known investment manager that has more than $8 billion in assets under management. The firm was established in 1999 and has a history of success investing across multiple asset classes.
About Ladder Capital Corp.
Ladder Capital Corp (NYSE: LADR) is an internally managed real estate investment trust that is a leader in commercial real estate finance. With over $5.4 billion of assets on its balance sheet, Ladder originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Ladder’s investment activities include: (i) direct origination of commercial real estate first mortgage loans; (ii) investments in investment grade securities secured by first mortgage loans on commercial real estate; and (iii) investments in net leased and other commercial real estate equity. Founded in 2008, Ladder is run by a highly experienced management team with extensive expertise in all aspects of the commercial real estate industry, including origination, credit, underwriting, structuring, capital markets and asset management. Led by Brian Harris, the company’s Chief Executive Officer, Ladder is headquartered in New York City.