CALMWATER CAPITAL PROVIDES ACQUISITION AND REDEVELOPMENT LOAN FOR PNC PLAZA BUILDING IN DOWNTOWN COLUMBUS

Office property in central business district will undergo redevelopment into mixed-use complex

Columbus, OH – (RealEstateRama) — Calmwater Capital, a Los Angeles-based provider of commercial real estate debt, has originated a senior secured term loan to Edwards Companies for its acquisition and redevelopment of a 362,720-square-foot office building in Downtown Columbus, Ohio. The sponsor plans to redevelop the property, located at 155 E. Broad St., into a mixed-use property comprising residential, office and hotel space.

“The City of Columbus has done a tremendous job improving the quality of the live/work experience in its Downtown area, which has greatly enhanced the overall fundamentals of the local office market. The city is also making a push for people to move Downtown by providing incentives to developers and residential owners alike. There is no better sponsor to carry out the redevelopment of this office building into a mixed-use property than Edwards Companies,” said Ryan Malatesta, loan originator at Calmwater Capital. “Considering the market’s performance and the sponsor’s proven track record of successfully redeveloping properties in Downtown Columbus, Calmwater Capital is confident this project will become iconic to the Columbus skyline.”

More…