HFF Secures $120 Million Refinancing for Cityplace Tower in Dallas
November 07 2016 - 4:17PM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
secured a $120 million refinancing for Cityplace Tower, a 42-story,
1.35 million-square-foot, Class A office tower in Dallas,
Texas.
Working on behalf of Parmenter and Angelo, Gordon & Co., HFF
placed the loan with Starwood Property Trust. The loan is
interest-only for the full term and was used to refinance the
existing debt and provide capital for future tenant improvements,
leasing commissions and capital expenditures.
Situated along North Haskell Avenue in the north end of Dallas’
Uptown District, Cityplace Tower has immediate access to US Route
75 (North Central Expressway), a primary north-south thoroughfare
from the Dallas central business district to the city’s northern
suburbs. Immediately beneath the property is the Dallas Area Rapid
Transit (DART) light rail line at the Cityplace Station, the only
subterranean DART stop in the Metroplex, and Cityplace Tower is the
only building in Uptown with direct DART rail accessibility. The
iconic tower was built in 1988 and commenced a $15 million
renovation and rebranding last year, which will be continuing in
2017 to build upon the leasing momentum City Place has experienced.
Cityplace Tower features eight levels of subterranean parking,
51,434 square feet of conference facilities, a 300-seat
amphitheater, a 34,000-square-foot spa and fitness center, six
patio sunrooms, a carwash, concierge service, convenience store and
cafeteria. The Energy star building also features 360-degree,
unobstructed views of Dallas’ downtown skyline, the Arts District
and Klyde Warren Park.
The HFF debt placement team representing the borrower was led by
senior managing directors Ed Coco and John Brownlee, director Jim
Curtin and senior real estate analyst Matt Casey.
“It was an honor to represent Parmenter and Angelo Gordon on the
recapitalization of Cityplace,” said Coco. The financing
opportunity generated a lot of interest from many of the largest
debt funds, but Starwood provided the best solution and structure
to help the venture maximize its returns over the next several
years.”
About Parmenter
Parmenter is a fully integrated real estate investment,
management and development firm, headquartered in Miami, Florida,
with regional offices in Dallas and Atlanta. The company owns and
operates high-quality office properties, and is actively involved
in the expansion of its portfolio throughout its targeted
markets.
About Angelo, Gordon &
Co.
Angelo, Gordon & Co., L.P. is a privately held limited
partnership founded in November 1988, and currently manages
approximately $26 billion. The Firm's investment focus centers
around three core competencies - credit, real estate, and private
equity. Angelo, Gordon has nearly 420 employees, over 160 of whom
are investment professionals, and is headquartered in New York,
with associated offices elsewhere in the US, Europe and Asia. For
more information, visit www.angelogordon.com.
About Starwood Property Trust,
Inc.
Starwood Property Trust (NYSE: STWD), an affiliate of global
private investment firm Starwood Capital Group, is the largest
commercial mortgage real estate investment trust in the United
States. The Company’s core business focuses on originating,
acquiring, financing and managing commercial mortgage loans and
other commercial real estate debt and equity investments. Through
its subsidiary LNR Property, LLC, Starwood Property Trust also
operates as the largest commercial mortgage special servicer in the
United States. With total capital deployed since inception of over
$29 billion, Starwood Property Trust continues to solidify its
position as one of the premier real estate finance companies in the
country.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE:
HF). HFF operates out of 23 offices nationwide and is a leading
provider of commercial real estate and capital markets services to
the U.S. commercial real estate industry. HFF together with its
affiliate HFFS offer clients a fully integrated national capital
markets platform including debt placement, investment sales, equity
placement, advisory services, loan sales and commercial loan
servicing. For more information please visit hfflp.com or follow
HFF on Twitter @HFF.
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version on businesswire.com: http://www.businesswire.com/news/home/20161107006298/en/
HFFEd Coco, (404) 832-8460HFF Senior Managing
Directorecoco@hfflp.comorKristen Murphy, (617) 338-0990HFF
Director, Marketingkrmurphy@hfflp.com
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