Despite the challenge, there were commitments from two lenders within 30 days of going to market on a refinancing package for One Metro Square, Todd McNeill, senior director for Metropolitan Capital Advisors Ltd. in Dallas, tells GlobeSt.com. The deal closed in time to beat the deadline on the maturing of the existing mortgage, he stresses.
The loan is a 20-year, self-amortized financing with a fixed option for an out in three years, without a penalty. The loan kicked with a 6% initial interest rate, according to McNeill. The borrower of record is One Hall Metro Square Association Ltd.
Built in the 1980s, One Metro Square is along Villa Creek Drive at the northeast quadrant of the junction of Interstates 35 and 635 in the LBJ Freeway submarket, a corridor plagued with high office vacancies as a major transportation project erodes the numbers.
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