International Plaza Reels in a Hefty Bridge Loan
CIM Group recently provided a $190 million bridge loan to Taconic Capital Advisors, the owner of International Plaza I and II, a 780,000-square-foot double tower located in the Far North Dallas district.
FARMERS BRANCH, TX—A $190 million bridge loan was recently provided to Taconic Capital Advisors, the owner of International Plaza I and II, a 780,000-square-foot double tower located in the Far North Dallas district. The class-A complex is anchored by two long-term tenants, Tenant Healthcare and Trinity Industries.
The five-year floating rate loan was originated by CIM Group. In addition to mortgage and mezzanine loans, the real estate and infrastructure owner, operator, lender and developer also provides bridge, construction and repositioning loans to owners and developers.
Cushman & Wakefield was the exclusive advisor to Taconic Capital Advisors for the procurement of the refinancing. The equity, debt and structured finance team consisted of Rob Rubano, Greg Napper and Brian Share.
The DFW metro office market is on healthy footing overall, even with COVID’s influence, according to Zain Jaffer, founder and CEO of Zain Ventures.
“Of the major US metro areas, Dallas is expected to see one of the smallest rates of negative office leasing, as forecast by Cushman & Wakefield,” Jaffer tells GlobeS.com. “Compared to San Francisco’s 1,477,843-square-foot decline, Dallas’ projections sit at only 71,831 square feet. Dallas won’t be immune to the disappointing quarters ahead. But the fact that the city experienced two months of fairly normal activity in the first quarter of 2020 means companies were slower to go remote and may be more eager to resume. Moreover, office density in Dallas was relatively low compared to other major markets. The ability to maintain a safe distance in the office can motivate a swifter return.”