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.
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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."
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
