Isenberg Management Services of Dallas secured the 10-year loan, bearing a 5.72% fixed-rate interest, for the 68,768-sf Hulen South Tower at 3880 S. Hulen St., says Brandon Miller with the Dallas-based Metropolitan Capital Advisors Ltd. The Toronto-headquartered CIBC World Markets Inc., which previously financed another property for Isenberg, beat a handful of lenders for the borrower's bid to retire interim financing from Wells Fargo Bank. "All were pretty competitive. It was more of a comfort level of how quickly it could get done," Miller tells GlobeSt.com, adding the deal closed within 60 days.
Isenberg bought the class B building in late 2002 when seller Carter Burgess Inc. headed to a downtown structure. About $2 million went into converting the single-tenant building into multi-tenant use. The building's twin is owned by Tarrant County while a third structure on the lot, owned by yet another, also was divvied for multi-tenant use.
Miller says Hulen South Tower's occupancy was 70% when Isenberg applied for the loan and 97% by the time it closed. Lead tenant Summit Bank expanded its headquarters office as did a smaller tenant plus a new lease came through the door, according to Miller. "Some good things happened during that 60-day period that we could execute the dollars that we wanted," he says.
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