DALLAS-CBRE's Debt & Equity Financing Group has secured a loan of $23.75 million for the acquisition of a 310,771-square-foot, 14-story office tower in Dallas.
The borrower was Parmenter Realty Partners, Miami. NXT Capital, Kennesaw, GA, provided the three-year, floating rate loan, which was made at a 70% loan-to-cost ratio.
“The seller selected the borrower in this deal, in large part based on their ability to understand the markets and execute quickly to get to a closing in little more than a month's time frame,” said CBRE Vice Chairman Charles Foschini. “Working together with the lender, NXT, we were able to close ahead of the seller's schedule and provide a set of terms that will allow the borrower to reposition the asset with great success.”
Built in 1981, 7557 Rambler Road is a class A office building located in the North Central Expressway submarket less than a quarter of a mile east of Central Expressway just off of Walnut Hill Lane. Major tenants include Crump Insurance, PSA-Deberry. Inc., Ameriprise Holdings, Review Med, L.P., and Vista Care.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
