WASHINGTON D.C. – July 11, 2019 – Berkadia’s Hotels & Hospitality team announced today that it structured $49.8 million for the refinancing of the Pan American Life Center, a 28-story office building in New Orleans. Senior Managing Director Andy Coleman of Berkadia’s Washington D.C. office delivered the financing through a securitization from Wells Fargo, on behalf of Louisiana-based Stirling Properties.
The Berkadia team secured the 10-year fixed-rate loan with a 25-year amortization schedule and a 60 percent loan-to-value ratio.
“This is the type of transaction we love to be a part of,” said Coleman. “Wells Fargo really stepped up to the plate and delivered on another successful transaction for one of our long-term clients. It was a win-win for everyone involved.”
Located at 601 Poydras St., Pan American Life Center features approximately 674,000 square feet of leasable office space. On-site features and amenities include building management, a covered parking garage and Café 601, a full-service on-site restaurant. The building’s Conference Center also features 24,451 square feet of multi-purpose facility and a 252-seat theater-style auditorium.
Pan American Life Center is adjacent to the InterContinental Hotel and strategically located within a short walking distance to major office buildings, government offices and courthouses in the Central Business District area. The property also affords convenient access to the Mississippi River, the National WWII Museum, the Louisiana Children’s Museum and the Audubon Butterfly Garden and Insectarium.