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USRA Secures $50M Construction Loan for New KAR Global HQ

CBRE Arranges Financing for 250,000-SF, Built-to-Suit Office Bldg.
February 14, 2018
U.S. Realty Advisors (USRA), a single-tenant real estate investment and asset management firm based out of New York City, secured a $50 million construction loan for the development of KAR Auction Service’s built-to-suit global headquarters, located at the corner of N. Illinois St. and W. 111th St. in Carmel, IN.

Michael Sherman and Irene Lu of CBRE’s New York office, along with Jason Brown and Dan Gable of CBRE’s Indianapolis office, arranged the financing on behalf of the borrower, placing the loan with BBVA Compass based in Birmingham, AL, a subsidiary of Madrid-based BBVA (NYSE: BBVA).

The development will be located on a 13-acre site and will include a 250,000 square foot office building. The office will feature an open floorplan and broad collaborative workspaces, which will provide space for 400 additional jobs. KAR now has 17,400 employees with nearly 1,600 of them based out of Indiana, according to KAR’s announcement on the development.
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