CIM Group Provides $190M Refi for Dallas Offices
- Sep 01, 2020
Following a significant repositioning, a pair of office buildings in Dallas has secured a $190 refinancing that was provided by CIM Group. Cushman & Wakefield’s Rob Rubano, Greg Napper and Brian Share from the Equity, Debt & Structured Finance team represented the properties’ owners, Taconic Capital Advisors, for the five-year, floating-rate bridge loan.
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The buildings, International Plaza I & II, are located at 14201 and 14221 N. Dallas Parkway and total more than 780,000 square feet. The 13-story International Plaza I is anchored by Tenet Healthcare, while railcar product manufacturer Trinity Industries occupies 150,000 square feet at the 15-story International Plaza II.
Taconic Capital acquired the office assets in 2018 with plans for major renovations as part of its business plan. The company invested in creating more than 46,000 square feet of amenities including a ground-floor café and bar with indoor and outdoor seating, fitness center with locker rooms and towel service, executive boardroom with a 150-person conference center, full-floor cafeteria and tenant lounges.
Taconic Capital’s strategy has made International Plaza I & II very desirable buildings in Dallas as shown by its continued strong tenant demand, Rubano said in prepared remarks.
Lending Continues Amid Troubled Times
With the COVID-19 pandemic hampering the real estate lending market, lenders have been forced to look for new ways to adapt to the ongoing situation. For CIM Group, the Dallas refinancing is the latest in a string of loans throughout the U.S.
In July, the firm provided a $95.6 bridge loan to Stockdale Capital Partners for its 550,000-square-foot creative office property in Scottsdale, Ariz. A few months earlier, CIM Group provided a $100 million liquidity facility that was backed by a portfolio of Los Angeles assets to a borrower looking for short-term working capital.