Miami, FL – August 9, 2016 – CBRE Capital Markets’ Debt & Structured Finance team has arranged $120.5 million in bridge financing for a three-property portfolio encompassing five office buildings in Irving, Texas, and Richmond, Virginia.
“Working together through a competitive process, Pine River was selected based on their ability to clearly understand the Texas submarkets and further believe that the Richmond market could easily reabsorb the space to be left by SunTrust,“ added Mr. Foschini.
The properties in the portfolio include:
- Las Colinas Towers I & II located at 225 E. John Carpenter Freeway, Irving, Texas. A two-building Class A office complex totaling 484,028 square feet; constructed in 1979.
- Mandalay Tower located at 220 East Las Colinas Blvd, Irving, Texas. A 325,219-sq.-ft. Class A office building (formerly known as VHA Place); built in 1981.
- SunTrust Center located at 919 E. Main Street in Richmond, Virginia. A two-building Class A office complex totaling 486,340 square feet; built in 1967 and 1983.
Charles Foschini and Christopher Apone of CBRE’s Miami office arranged the refinancing on behalf of Parmenter Realty Partners. Pine River Capital Management provided the three-year loan with extension options at a 63% loan-to-cost (LTC) ratio.
“I have been fortunate to work with Parmenter for many years and was retained at the beginning of this year to start evaluating a recapitalization of the last remaining assets in Fund III,” said Mr. Foschini, vice chairman, Capital Markets, CBRE. “An integral component of the deal was to find a lender willing to provide the proceeds necessary to fund the capital improvements and lease up the building. The portfolio had several challenges, including overcoming the current perception surrounding the Texas markets and having SunTrust—the namesake tenant in the Richmond property—announce their departure during our marketing period.”
“Working together through a competitive process, Pine River was selected based on their ability to clearly understand the Texas submarkets and further believe that the Richmond market could easily reabsorb the space to be left by SunTrust,“ added Mr. Foschini.
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.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.