Allianz Real Estate today announced the financing of The Pinnacle at Symphony Place located in Nashville, TN. Allianz is the sole lender on the $100 million (€94 million) first mortgage arranged on behalf of Highwoods Properties.
Allianz Real Estate of America executed the transaction on behalf of its US Allianz insurance company Investors. The closing occurred April 24th.
The financing is secured by a Class A LEED Gold certified office property in the heart of downtown Nashville. The Pinnacle at Symphony Place, built in 2010, is a 28-story tower encompassing 520,000 square feet (48.000 square meters), which sits atop a 10-level parking garage with 987 spaces. The property is 99% occupied by 20 tenants.
Highwoods Properties, headquartered in Raleigh, NC, is a publicly traded (NYSE:HIW) real estate investment trust ("REIT") and a member of the S&P MidCap 400 Index. The company is a fully integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Greensboro, Memphis, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.
Recently, Nashville has experienced well noted economic success due to its highly educated workforce and low cost of doing business. Companies are expanding in and new ones are relocating to Nashville, and total employment is on the rise.
"This financing represents our first commercial mortgage in Nashville, and our first transaction with Highwoods Properties. We are fortunate to have captured the opportunity to finance a premier office property, and to work with a best-in-class owner/operator with a presence in an array of U.S. cities" said Christoph Donner, CEO of Allianz Real Estate of America.
In the US, Allianz Real Estate holds a loan portfolio of over $10.7 billion (€10 billion) that has been established for more than 30 years.
The Medalist Capital debt placement team was led by Bat Barber, Principal, in the Raleigh, NC office. Medalist Capital is a commercial real estate financial services company that specializes in mortgage banking, investment advisory and defeasance. Founded in 2004, their commitment and focus on maintaining strong lender relationships has enabled the company to become one of the leading real estate financial services firms in the Southeast.
