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11/21/16
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Dornin Investment Group has restructured its debt on an office building in Denver, CO and an office/flex building in San Antonio, TX. The new financing, which was arranged by MetroGroup Realty Finance, consists of two loans that total $50.3 mil.
One of the transactions was a $29.9 mil loan for Parkway Plaza, an 89.4k sf office/flex building in San Antonio. The loan included additional advances for tenant improvements and leasing commission.
The other transaction was a $20.3 mil loan on behalf for Highland Place, a Class A, 138.8k sf office building in Denver. Both transactions were non-recourse interest-only for three years with two one year options.
Scott Botsford with MetroGroup Realty Finance arranged the financing. According to a recent report by CBRE, the San Antonio office market experienced one of the largest declines in vacancy rates earlier this year. The Denver office market finished the third quarter of 2016 with a 12.3 percent vacancy rate, down 59 basis points from one year ago.
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