Jason Hochman of Cushman & Wakefield’s Equity Debt & Structured Finance Group Assisted KAS Partners in its Acquisition of Twin Oaks I and II
NORFOLK, VA, March 7, 2019 — Cushman & Wakefield Senior Director Jason Hochman secured financing for Miami-based KAS Partners’ acquisition of Twin Oaks I & II, a 170,970-square-foot office portfolio in suburban Norfolk, VA.
Hochman assisted KAS Partners in originating an $18.2 million, fixed-rate loan with an interest-only period from Starwood Mortgage Capital, a commercial mortgage-backed securities (CMBS) lender, for the company’s $24.9 million acquisition of Twin Oaks I & II.
“We were excited to work with our client on their first acquisition in Virginia after previously assisting on financing their acquisitions in Florida and other markets,” said Hochman. “Given this asset’s stable occupancy and income, along with the strong reputation of KAS Partners as a sponsor, we had significant lender competition for the opportunity. Ultimately, we helped KAS Partners choose a lender and negotiate specific loan terms that will maximize cash flow returns.”
Twin Oaks I and II are identical structures developed between 1999 and 2001 on an ±11.2-acre site at 5700 and 5800 Lake Wright Drive. The four-story buildings feature meticulous landscaping, a shared courtyard, dramatic two-story atrium lobbies and an on-site deli.
Twin Oaks I and II were more than 90% leased at the time of sale. Notable tenants included Booz Allen Hamilton, Titan America, A Reddix, the Transportation Security Administration (TSA), UST Global and Tetra Tech.
The assets are located within Lake Wright Executive Center, a Class A corporate campus that is home to 750,000 square feet of office space, four hotels with 572 rooms, restaurants and a ±7.5-acre site slated for a new mixed-use development expected to include multiple restaurants and an additional national brand hotel.
The location offers excellent visibility from Interstate 64 and provides exceptional access to the Hampton Roads region, including Norfolk International Airport, downtown Norfolk and Town Center in Virginia Beach.
The South Florida Commercial Team of Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Greg Miller and Hochman has closed over $1.5 billion in sales and financing over the last three years. Please visit www.southfloridacommercialteam.com for more information about the team.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.