ATLANTA--(BUSINESS WIRE)--Nov. 7, 2016--
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured
a $120 million refinancing for Cityplace Tower, a 42-story, 1.35
million-square-foot, Class A office tower in Dallas, Texas.
Working on behalf of Parmenter and Angelo, Gordon & Co., HFF placed the
loan with Starwood Property Trust. The loan is interest-only for the
full term and was used to refinance the existing debt and provide
capital for future tenant improvements, leasing commissions and capital
Situated along North Haskell Avenue in the north end of Dallas’ Uptown
District, Cityplace Tower has immediate access to US Route 75 (North
Central Expressway), a primary north-south thoroughfare from the Dallas
central business district to the city’s northern suburbs. Immediately
beneath the property is the Dallas Area Rapid Transit (DART) light rail
line at the Cityplace Station, the only subterranean DART stop in the
Metroplex, and Cityplace Tower is the only building in Uptown with
direct DART rail accessibility. The iconic tower was built in 1988 and
commenced a $15 million renovation and rebranding last year, which will
be continuing in 2017 to build upon the leasing momentum City Place has
experienced. Cityplace Tower features eight levels of subterranean
parking, 51,434 square feet of conference facilities, a 300-seat
amphitheater, a 34,000-square-foot spa and fitness center, six patio
sunrooms, a carwash, concierge service, convenience store and cafeteria.
The Energy star building also features 360-degree, unobstructed views of
Dallas’ downtown skyline, the Arts District and Klyde Warren Park.
The HFF debt placement team representing the borrower was led by senior
managing directors Ed Coco and John Brownlee, director Jim Curtin and
senior real estate analyst Matt Casey.
“It was an honor to represent Parmenter and Angelo Gordon on the
recapitalization of Cityplace,” said Coco. The financing opportunity
generated a lot of interest from many of the largest debt funds, but
Starwood provided the best solution and structure to help the venture
maximize its returns over the next several years.”
Parmenter is a fully integrated real estate investment, management and
development firm, headquartered in Miami, Florida, with regional offices
in Dallas and Atlanta. The company owns and operates high-quality office
properties, and is actively involved in the expansion of its portfolio
throughout its targeted markets.
About Angelo, Gordon & Co.
Angelo, Gordon & Co., L.P. is a privately held limited partnership
founded in November 1988, and currently manages approximately $26
billion. The Firm's investment focus centers around three core
competencies - credit, real estate, and private equity. Angelo, Gordon
has nearly 420 employees, over 160 of whom are investment professionals,
and is headquartered in New York, with associated offices elsewhere in
the US, Europe and Asia. For more information, visit www.angelogordon.com.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD), an affiliate of global private
investment firm Starwood Capital Group, is the largest commercial
mortgage real estate investment trust in the United States. The
Company’s core business focuses on originating, acquiring, financing and
managing commercial mortgage loans and other commercial real estate debt
and equity investments. Through its subsidiary LNR Property, LLC,
Starwood Property Trust also operates as the largest commercial mortgage
special servicer in the United States. With total capital deployed since
inception of over $29 billion, Starwood Property Trust continues to
solidify its position as one of the premier real estate finance
companies in the country.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).
HFF operates out of 23 offices nationwide and is a leading provider of
commercial real estate and capital markets services to the U.S.
commercial real estate industry. HFF together with its affiliate HFFS
offer clients a fully integrated national capital markets platform
including debt placement, investment sales, equity placement, advisory
services, loan sales and commercial loan servicing. For more information
please visit hfflp.com
or follow HFF on Twitter @HFF.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161107006298/en/
Ed Coco, (404) 832-8460
HFF Senior Managing Director
Murphy, (617) 338-0990
HFF Director, Marketing