FARMERS BRANCH, TX—A $190 million bridge loan was lately offered to Taconic Capital Advisors, the proprietor of Worldwide Plaza I and II, a 780,000-square-foot double tower situated within the Far North Dallas district. The category-A posh is anchored by two long-term tenants, Tenant Healthcare and Trinity Industries.
The five-year floating price loan was originated by CIM Group. Along with mortgage and mezzanine loans, the true property and infrastructure proprietor, operator, lender and developer additionally supplies bridge, development and repositioning loans to homeowners and builders.
Cushman & Wakefield was the unique advisor to Taconic Capital Advisors for the procurement of the refinancing. The fairness, debt and structured finance group consisted of Rob Rubano, Greg Napper and Brian Share.
The DFW metro workplace market is on wholesome footing general, even with COVID’s affect, in keeping with Zain Jaffer, founder and CEO of Zain Ventures.
“Of the major US metro areas, Dallas is expected to see one of the smallest rates of negative office leasing, as forecast by Cushman & Wakefield,” Jaffer tells GlobeS.com. “Compared to San Francisco’s 1,477,843-square-foot decline, Dallas’ projections sit at only 71,831 square feet. Dallas won’t be immune to the disappointing quarters ahead. But the fact that the city experienced two months of fairly normal activity in the first quarter of 2020 means companies were slower to go remote and may be more eager to resume. Moreover, office density in Dallas was relatively low compared to other major markets. The ability to maintain a safe distance in the office can motivate a swifter return.”