Dallas’ Cityplace Tower Lands $120M Refi
- Nov 09, 2016
By Keith Loria, Contributing Editor
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.
“It was an honor to represent Parmenter and Angelo Gordon on the recapitalization of Cityplace,” Ed Coco, HFF senior managing director, said in a prepared release. “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.”
Cityplace Tower consists of 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.
Originally constructed in 1988, the building underwent a $15 million renovation and rebranding just last year, and further improvements are expected in 2017.
Located next to the popular West Village retail venue and less than one mile from downtown, Cityplace is situated along North Haskell Avenue in the north end of Dallas’ Uptown district. It offers immediate access to US Route 75 (North Central Expressway), and the Dallas Area Rapid Transit (DART) light rail line has a stop underneath the building.
The HFF debt placement team representing the borrower was led by Ed Coco, Senior Managing Director John Brownlee, Director Jim Curtin and Senior Real Estate Analyst Matt Casey.