OSP's View on Office? Credit, Credit, Credit.
EDINA, MN / ACCESSWIRE / September 6, 2024 / O'Brien-Staley Partners (OSP) teamed with Dry Creek Capital Partners to successfully complete a $61 million refinancing of a loan secured by two Class A, seven-story office buildings known as Excelsior Crossings. The properties, located in Hopkins, MN, encompass 519,228 net rentable square feet (NRSF). The building, constructed in 2008, recently underwent an amenity enhancement program to include LEED Gold certification. The property features a coffee shop, cafeteria, fitness center and indoor and outdoor common areas.
Excelsior Crossings building in Minnesota
OSP remains optimistic about select office properties, emphasizing the importance of credit in its investment strategy. Excelsior Crossings boasts an outstanding rent roll, with 98% occupancy rate. Notably, a money center bank occupies half the space, alongside four other corporate tenants.
Kari Johnson, Managing Director on the investment team at OSP and lead on the deal commented, "I know the property intimately, having worked there myself years ago. We conducted extensive due diligence to understand the post-COVID landscape and are confident in our investment."
In 2024, the focus on commercial real estate office investments has shifted from the traditional mantra of "location, location, location" to "credit, credit, credit" prioritizing lease terms and counterparties. OSP's strategy underscores the critical role of credit in navigating current market dynamics.
OSP was represented by Alison Bure of Faegre Drinker Biddle & Reath LLP.
About OSP
O'Brien-Staley Partners (OSP) operates across four discrete financial business strategies: alternative asset management; market-rate impact investing; nationwide loan servicing; and deposit management. Founded by Jerry O'Brien and Warren Staley in 2010, OSP is imbued with the core credit and fundamental investing discipline, risk management and governance DNA that has long been recognized as hallmarks of their personal and professional brands. https://osp-group.com
About Dry Creek Capital Partners
Dry Creek Capital Partners was formed in 2020 to provide a platform for investments in debt obligations of both distressed commercial real estate and company assets up to $50 million. Based in Denver, Colorado's Tech Center, Dry Creek operates nationally and benefits from strategic partners located in most markets across the United States. https://drycreekcp.com/
Contact Information
Alyssa Cheatham
Managing Director, Investor Relations
alyssa.cheatham@osp-group.com
+1 (773) 354-5712
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SOURCE: O'Brien-Staley Partners
View the original press release on newswire.com.
