DALLAS-CBRE's Debt & Equity Financing Group has secured a loan of $23.75 million for the acquisition of a 310,771-square-foot, 14-story office tower in Dallas.
The borrower was Parmenter Realty Partners, Miami. NXT Capital, Kennesaw, GA, provided the three-year, floating rate loan, which was made at a 70% loan-to-cost ratio.
“The seller selected the borrower in this deal, in large part based on their ability to understand the markets and execute quickly to get to a closing in little more than a month's time frame,” said CBRE Vice Chairman Charles Foschini. “Working together with the lender, NXT, we were able to close ahead of the seller's schedule and provide a set of terms that will allow the borrower to reposition the asset with great success.”
Built in 1981, 7557 Rambler Road is a class A office building located in the North Central Expressway submarket less than a quarter of a mile east of Central Expressway just off of Walnut Hill Lane. Major tenants include Crump Insurance, PSA-Deberry. Inc., Ameriprise Holdings, Review Med, L.P., and Vista Care.
CBRE vice chairman Charles Foschini and first VP Christopher Apone, both with CBRE's Debt & Equity Financing Group, along with Christian Lee, vice chairman with CBRE's capital markets institutional group, arranged the financing.
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