The three properties—located in Dallas, Denver and Phoenix—total approximately 500,000 sf and are occupied by approximately 100 tenants. The lender is a life insurance company, which provided a nonrecourse, interest only, 65% loan-to-value floating rate bridge loan that carries an initial term of three years with two one-year extensions.
 1873 S. Bellaire St. |
"Even though this was Koll's second deal with this lender it was challenging in today's environment given that many of the features in this loan are virtually extinct," such as nonrecourse, cash out, interest only and zero reserves, Krall points out. "Our longstanding relationship with this lender and the strength of the sponsor—with more than 90 million sf developed and an existing portfolio of more than six million sf of office and industrial properties—played a major role in securing such favorable terms," Krall says.
 10851 N. Black Canyon |
The three office buildings that were refinanced are located at 2805 Dallas Parkway in the Dallas suburb of Plano, at 1873 South Bellaire St. in Denver and at 10851 N. Black Canyon Highway in Phoenix.CS Capital Management, Inc. serves as advisor to the Public Employee Retirement System of Idaho. CS Capital Management Inc. serves as adviser to the Public Employee Retirement System of Idaho.
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