Allianz Real Estate is providing $100m (β¬91.8m) in debt financing for a 520,000sqft office tower in Nashville, Tennessee.
The German institution is the sole lender to Highwoods Properties, a real estate investment trust (REIT) that bought the building in 2013.
The first-mortgage loan takes Allianz Real Estateβs US debt portfolio to $10.7bn.
βThis financing represents our first commercial mortgage in Nashville, and our first transaction with Highwoods Properties,β said Christoph Donner, CEO of Allianz Real Estate of America.
The 28-storey Pinnacle at Symphony Place was built by Barry Real Estate in 2010 before being acquired by Highwoods Properties for $153m.
When it was acquired in 2013, the building was 84.9% leased. Today, the tower is 99% let to 20 tenants.
Highwoods Properties owns, develops, acquires, leases and manages properties in Atlanta, Greensboro, Memphis, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.
βWe 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 US cities,β said Donner.
