7 Giralda Farms in Madison — Courtesy: JLL
By Joshua Burd
A joint venture has landed nearly $30 million in financing for its recent purchase of an office building in Madison’s acclaimed Giralda Farms campus, according to brokers with JLL.
In a news release, the debt and equity placement team said it sourced the loan on behalf of Bergman Real Estate Group and an affiliate of Eightfold Real Estate Capital. Shem Creek Capital is providing the four-year, floating-rate bridge loan, which is tied to the group’s recent acquisition of the three-story, 236,809-square-foot property at 7 Giralda Farms.
JLL senior managing directors Michael Klein and Greg Nalbandian and Analyst Gerard Quinn secured the $29.9 million transaction.
“Our client acquired this off-market transaction at a very attractive basis in the highly desirable Giralda Farms Office Park,” Nalbandian said. “There was considerable lender interest for this value-add financing, which demonstrated there is strong liquidity for well-capitalized sponsors with sound business plans.”
Built in 2000, 7 Giralda Farms features a three-story atrium, flexible floor plates and amenities such as a full-service fitness center and café, outdoor patio seating, 606 below-grade covered parking and 56 surface parking spaces for visitors, JLL said. The building is currently 59 percent leased to Prudential Financial and Leo Pharmaceuticals.
Its new owners plan to modernize the property by upgrading the lobbies, restrooms, café and fitness center, while adding new amenities. The complex benefits from its location within the famed 310-acre, seven-building office campus, which provides quick access to Route 24 and interstates 78 and 287.
“Shem Creek Capital did an outstanding job from the onset understanding the opportunity and tailoring the loan to meet the joint venture’s objectives,” Klein said.