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8/09/16
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Parmenter Realty Partners has obtained $120.5 mil in bridge financing for a three-property portfolio encompassing five office buildings in Irving, Texas, and Richmond, Virginia.
The properties in the portfolio include:
• Las Colinas Towers I & II located at 225 E. John Carpenter Fwy in Irving. A two-building, Class A office complex totaling 484k sf; constructed in 1979.
• Mandalay Tower located at 220 East Las Colinas Blvd in Irving. A 325.2k sf, Class A office building (formerly known as VHA Place); built in 1981.
• SunTrust Center located at 919 E. Main St in Richmond. A two-building, Class A office complex totaling 486.3k sf; built in 1967 and 1983.
Charles Foschini and Christopher Apone of CBRE’s CBRE Capital Markets’ Debt & Structured Finance team arranged the refi loan. Pine River Capital Management provided the three-year loan with extension options at a 63% loan-to-cost (LTC) ratio.
According to Foschini, “An integral component of the deal was to find a lender willing to provide the proceeds necessary to fund the capital improvements and lease up the building. The portfolio had several challenges, including overcoming the current perception surrounding the Texas markets and having SunTrust—the namesake tenant in the Richmond property—announce their departure during our marketing period.”
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