Stirling Properties secured a $49.8-million loan to refinance Pan American Life Center, the 28-story office building in downtown New Orleans.
Stirling worked with Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, to secure loan. Andy Coleman of Berkadia secured the financing on behalf of Stirling Properties. The lender was Wells Fargo. The loan features a 10-year, fixed-rate term and a 25-year amortization schedule.
Located at 601 Poydras St., the property consists of 674,000 square feet of leasable office space. On-site features and amenities include building management, a covered parking garage and a full-service restaurant. The building’s Conference Center also features a 24,451-square-foot multi-purpose facility, and a 252-seat theater-style auditorium. Stirling purchased the building from San Diego-based Equastone LLC for $60.9 million in 2011.
Stirling has had great success managing the asset, signing Pan American Life to a new 10 year lease in 2014, signing up new retail tenants Starbucks, Tsunami Sushi, and Morris Bart, and moving its own headquarters to the building in 2016.
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