New York Life Investment Management LLC cleared co-terminusloans with four-year terms and one-year extension options at amarket-rate, fixed-rate interest. "The financing provides theability to earn out additional funds as the occupancy improves,"Michael Kelly, a New York Life director, tells GlobeSt.com.

The Chicago-based Transwestern shopped the deal, but New YorkLife had "a little bit of an advantage" by agreeing to partitionthe package into mezzanine and first mortgage vehicles, Kelly saysof a transaction winding up and down in 75 days. The inside detailsfrom the split of the package to the in-place interest rate aren'tbeing divulged, but the lender is saying two office buildingssecure the first mortgage and a pledge of an ownership interest inthe third collateralizes the mezz component. Whittaker Johnson withHolliday Fenoglio Fowler LP in Dallas arranged the financingthrough New York Life's Tim Monroe and Leslie Cassingham.

Dallas' soft office market didn't go unnoticed by the lender.But, Kelly emphasizes, New York Life is confident in the strengthof the Transwestern team, which has its affiliate in charge ofleasing ... and a property with a gateway positioning along a newhigh-speed rail line.