CBRE Arranges Loan for 14-story Tower in North Central Expressway

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.”