Long Term Refinancing Closes on Brier Creek Office Building VI.

American Asset Corporation (AAC) successfully closed the second refinancing of any office loan in Brier Creek Corporation Center. Both refinancings were done with the same life insurance company. “Closing any office refinancing over the last few years has been big news and we are very excited that we have closed two office loans in Brier Creek at normal terms,” said Paul Herndon, President of American Asset Corporation.

Brier Creek Corporate Center is a master-planned office park comprised of six Class A buildings situated within the overall Brier Creek project, a 2,000 acre master planned community located at I-540 and Highway NC-70. AAC developed all six Class A office buildings.

Herndon also noted, “You expect swings in the market as a long-term holder of real estate. We have worked through all of them since the 80’s but no one saw this current downward swing. What has helped us be successful as we work through it is being the original owner and operator of these office assets, having a company policy of avoiding interest only loans and maintaining relatively low leverage.”

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