RRA Capital Provides $21M Bridge Loan to Acquire Two Scottsdale, AZ Office Buildings

SCOTTSDALE, Ariz., June 1, 2020 /PRNewswire/ -- RRA Capital has announced the closing of a $21 million first mortgage bridge loan to finance the acquisition two office buildings on May 15, 2020: Element at Kierland and Mesquite Corporate Center, both in Scottsdale, Arizona.  Element at Kierland is a 57,750 square foot, three-story office.  Mesquite Corporate Center is a 79,537 square foot, two-story office.  The two neighboring properties are in the Kierland community of the Scottsdale Airpark submarket.

"We are grateful to have played a role in financing the purchase of two terrific office properties in a vibrant submarket," said Marc Grayson, President and COO at RRA Capital. "We want to congratulate Providence Real Estate Group on their recent acquisition along with Ann McCartney and Team Mandala at CBRE for arranging the transaction."  

The acquisition was originally scheduled to have been financed with CBMS debt. However, due to the COVID-19 pandemic, the CMBS market had effectively closed for new originations activity.  RRA Capital's sources of financing remained intact during this period and they were able to close the loan in less than 30 days to meet the purchaser's hard closing date.  RRA Capital provided a floating rate loan of approximately $9.5 million representing a 55% LTV advance rate for the acquisition of Element at Kierland, and a floating rate loan of approximately $11.5 million representing a 59% advance rate for the acquisition of Mesquite Corporate Center.

"From our first introduction through closing, RRA Capital was responsive, fair-minded, and professional," said Kyle Nelson, President with San Diego-based Providence Real Estate Group.  "We would welcome their involvement in future transactions and would confidently recommend them to others looking for CRE bridge financing."

About RRA Capital
RRA Capital is a fully integrated, middle-market, commercial real estate lending firm specializing in nationwide bridge loans between $2-$15 million with 1-5 year loan terms. Since 2013, the firm has successfully financed over $650 million on behalf of institutional investors across three bespoke bridge credit platforms with no loss of principal.  They focus on first-position senior mortgages, mezzanine debt, and preferred equity, with an emphasis on value-add and distressed opportunities.  More information and financing terms can be found at www.rracapital.com.

SOURCE RRA Capital