Cushman & Wakefield announced today that it served as the exclusive advisor to a Connecticut-based real estate fund manager in arranging a $17 million fixed-rate loan for Tower Point at the Highlands in Sparks, M.D. The five-year financing was provided by J.P. Morgan.
Tower Point at the Highlands is a 162,646-square-foot portfolio consisting of two class-A campus-style office buildings located at 920 and 930 Ridgewood Road. The buildings are located within a planned business park along the I-83 corridor in north-central Baltimore County.
The property, which was developed as a superior corporate campus, provides a serene working environment within minutes of countless amenities, with the added benefit of less traffic congestion. The property serves at the corporate headquarters for its three tenants, Fundamental Long Term Care Holdings, LLC, FILA U.S.A., Inc and MobilexUSA. It also contains additional FAR capable of accommodating a third building of up to 81,000 square feet.
Gideon Gil, Alexander Hernandez, and Sridhar Vankayala of Cushman & Wakefield’s Equity, Debt and Structured Finance team represented the sponsor.
“We received substantial interest in this opportunity from the lending community due to the property’s strong sponsor, steady cash flow profile, quality construction, and desirable location,” said Mr. Gil, a Cushman & Wakefield Executive Director.