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6/23/21
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San Diego-based Parallel Capital Partners Inc has received a $95 mil loan from Bank of America for the refinancing of Urban Towers, a Class AA, high-rise office complex spanning more than 850k sf in Irving, TX. Comprised of two office towers on 11.2 acres at 222 W. Colinas Blvd, Urban Towers is LEED Gold Certified by the U.S. Green Building Council.
Built in 1982 and 1984, Urban Towers encompasses the 22-story North Tower and 17-story East Tower with a five- and a seven-story parking structure respectively. With a striking mirrored glass clad exterior, the complex holds an Energy Star rating of 91. Urban Towers was 82% leased at the time the loan closed to clients including The Pasha Group, Celanese, MultiPlan, Inc. and Hyundai Merchant Marine.
The complex is situated in Las Colinas – a premier business district and master-planned community 10 minutes from Dallas. The master-planned center features apartments – more than 7,500 built and 1,200 under construction – top-rated resorts, a convention center, restaurants, Toyota Music Factory – a large, world class concert venue – as well as other entertainment, work spaces and outdoor trails all centered around the 125-acre Lake Carolyn.
David Milestone of Newmark Knight Frank arranged the financing for a five-year term.
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