Search
 

RM Crowe, GE Bless $25M Loan for Office Tower

DALLAS-The three-year owner of a 162,112-sf office tower and parking garage in Preston Center replaces the floating-rate acquisition loan with a fixed-rate package at 80% LTV.

By Connie Gore | Updated on February 26, 2008

DALLAS-Locally based RM Crowe has replaced a floating-rate bank loan with $25.3 million in fixed-rate financing from GE Real Estate for a 162,112-sf office tower that it bought three years ago in Preston Center. The refuelling will subsidize renovation of common areas, leasing commissions and tenant improvements.

The refinance will put $1.4 million at RM Crowe’s disposal for the upcoming work on the 95%-leased, class B-plus building at 8235 Douglas Ave. according to Lance Wright, regional director in Dallas for the Norwalk, CT-based lender. He tells GlobeSt.com that $23.9 million was turned over in the initial funding, with the balance to be doled out at Libor-based interest rates in $500,000 incremental draw-downs. The result will be a blended interest rate on a three-year loan, with the lion’s share fixed at about 6%, he explains. The interest-only financing represents 80% loan to value.

The 13-story office tower and seven-story, 460-space parking garage abuts RM Crowe’s Fidelity Bank Building and is across the street from its Park Cities Hilton, a stronghold in one of the city’s tightest office submarkets. Wright says GE provided an on-book loan, a decision mortared by the location, asset quality and longstanding relationship between borrower and lender.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.