Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $120 million refinancing for Cityplace Tower, a 42-story, 1.35 million-square-foot, Class A office tower in Dallas, Texas.
Working on behalf of Parmenter and Angelo, Gordon & Co., HFF placed the loan with Starwood Property Trust. The loan is interest-only for the full term and was used to refinance the existing debt and provide capital for future tenant improvements, leasing commissions and capital expenditures.
Situated along North Haskell Avenue in the north end of Dallas’ Uptown District, Cityplace Tower has immediate access to US Route 75 (North Central Expressway), a primary north-south thoroughfare from the Dallas central business district to the city’s northern suburbs. Immediately beneath the property is the Dallas Area Rapid Transit (DART) light rail line at the Cityplace Station, the only subterranean DART stop in the Metroplex, and Cityplace Tower is the only building in Uptown with direct DART rail accessibility. The iconic tower was built in 1988 and commenced a $15 million renovation and rebranding last year, which will be continuing in 2017 to build upon the leasing momentum City Place has experienced. Cityplace Tower features eight levels of subterranean parking, 51,434 square feet of conference facilities, a 300-seat amphitheater, a 34,000-square-foot spa and fitness center, six patio sunrooms, a carwash, concierge service, convenience store and cafeteria. The Energy star building also features 360-degree, unobstructed views of Dallas’ downtown skyline, the Arts District and Klyde Warren Park.
The HFF debt placement team representing the borrower was led by senior managing directors Ed Coco and John Brownlee, director Jim Curtin and senior real estate analyst Matt Casey.
“It was an honor to represent Parmenter and Angelo Gordon on the recapitalization of Cityplace,” said Coco. The financing opportunity generated a lot of interest from many of the largest debt funds, but Starwood provided the best solution and structure to help the venture maximize its returns over the next several years.”
Parmenter is a fully integrated real estate investment, management and development firm, headquartered in Miami, Florida, with regional offices in Dallas and Atlanta. The company owns and operates high-quality office properties, and is actively involved in the expansion of its portfolio throughout its targeted markets.
About Angelo, Gordon & Co.
Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988, and currently manages approximately $26 billion. The Firm's investment focus centers around three core competencies - credit, real estate, and private equity. Angelo, Gordon has nearly 420 employees, over 160 of whom are investment professionals, and is headquartered in New York, with associated offices elsewhere in the US, Europe and Asia. For more information, visit www.angelogordon.com.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is the largest commercial mortgage real estate investment trust in the United States. The Company’s core business focuses on originating, acquiring, financing and managing commercial mortgage loans and other commercial real estate debt and equity investments. Through its subsidiary LNR Property, LLC, Starwood Property Trust also operates as the largest commercial mortgage special servicer in the United States. With total capital deployed since inception of over $29 billion, Starwood Property Trust continues to solidify its position as one of the premier real estate finance companies in the country.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.