The owners of Summit at Southpoint, a 268,000-square-foot office building along Southpoint Parkway, refinanced the property with a $27,225,000 loan, broker Adrian Edery with Paradigm Commercial Real Estate announced Oct. 15.
Edery said Oct. 18 that the owner joined a wave of office asset owners refinancing their properties. New York-based Rose & Berg Realty owns the building through Summit at Southpoint Investors LLC. Aaron Rosenberg is the manager of the LLC.
The four-building property is at 6410 Southpoint Parkway.
The principals of Rose and Berg purchased it in 2018 for $29.55 million.
"R&B Realty group purchased the property a couple of years ago with a prevailing occupancy level of around 70%," Edery said.
"Using their market and asset class knowledge, they were able to successfully execute on a lease-up plan to long-term, creditworthy tenants, which in turn significantly increased the buildings' value."
Edery said the owner originally took a bridge loan to cover the costs to lease up the building, and once he did, he was able to get a 10-year fixed permanent debt loan at 3.5%.
The property is anchored by Keiser University and Ocenture.