New York-based private equity investor SomeraRoad has nabbed a $51.5 million debt package from Natixis to refinance the new global office headquarters of FedEx Logistics in Downtown Memphis, Tenn., Commercial Observer has learned.
The financing, which includes a first mortgage and mezzanine loan, retires existing construction debt from Oceanview Commercial Mortgage on the roughly $45 million project, which involved gut-renovating and repositioning a former Gibson Brands guitar manufacturing facility into Class A, creative office space for FedEx Logistics employees. The deal closed today.
“This was a terrific asset to finance given the credit strength of the tenant, its long-term lease, and FedEx’s commitment to the Memphis market,” William Chen, a director within Natixis corporate and investment banking’s real estate and hospitality finance division, told CO. “SomeraRoad really hit a home run in their turnaround play, and [we are] pleased to have delivered a full debt-stack solution for the client.”
