Commercial Real Estate Direct Staff Report
Bank of America has provided $100.5 million of financing against Chase Tower, a 389,503-square-foot office property in downtown Austin, Texas, facilitating its purchase by a venture of Lincoln Property Group and Goldman Sachs.
The venture purchased the 43-year-old property from Spire Realty Group in a deal brokered by CBRE. The sales price could not be learned immediately, but assuming BofA's loan represents about 70 percent of the property's value, it could have sold for about $145 million or so.
The property had been encumbered by a $78.9 million loan that was originated only three years ago and was securitized through GS Mortgage Securities Trust,...
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