DALLAS-CBRE's Debt & Equity Financing Grouphas secured a loan of $23.75 million for the acquisition of a310,771-square-foot, 14-story office tower in Dallas.
The borrower was Parmenter Realty Partners, Miami.NXT Capital, Kennesaw, GA, provided thethree-year, floating rate loan, which was made at a 70%loan-to-cost ratio.

“The seller selected the borrower in this deal, in large partbased on their ability to understand the markets and executequickly to get to a closing in little more than a month's timeframe,” said CBRE Vice Chairman CharlesFoschini. “Working together with the lender, NXT, we wereable to close ahead of the seller's schedule and provide a set ofterms that will allow the borrower to reposition the asset withgreat success.”

Built in 1981, 7557 Rambler Road is a class A office buildinglocated in the North Central Expressway submarketless than a quarter of a mile east of Central Expressway just offof Walnut Hill Lane. Major tenants includeCrump Insurance, PSA-Deberry. Inc., Ameriprise Holdings,Review Med, L.P., and Vista Care.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.