Dallas Tollway high-rises get $190 million in funding
A Los Angeles-based investor has raised $ 190 million for a Farmers Branch campus.
The CIM Group has granted the loan for the International Plaza I & II high-rise office complex on Dallas North Tollway. It’s one of the largest of its kind in North Texas since the pandemic began.
The 780,000-square-foot office building is owned by New York-based Taconic Capital Advisors, who purchased the building in 2018. The buildings previously housed offices of JPMorgan Chase & Co. and Fannie Mae.
The 13- and 15-story towers are north of Spring Valley Road on the west side of the toll road near the Galleria Shopping Center.
Dallas’ Trinity Industries recently announced that it is moving its headquarters to 150,000 square feet in the buildings. Tenet Healthcare is also a main tenant in the buildings.
Cushman & Wakefield arranged the five-year floating rate loan.
“Taconic has done an excellent job of positioning the asset over the past two years, which is reflected in continued strong tenant demand for the building,” said Rob Rubano of Cushman & Wakefield in a statement. “CIM’s ability to underwrite full credit financing of this size in the current marketplace speaks volumes about the quality of the asset and Taconic’s strength as a borrower.”
CIM Group has been in business since 1994 and has provided $ 60 billion in real estate financing. The commercial real estate company owns the Turtle Creek Village retail and office complex in Dallas. A 1 million square foot industrial park in South Fort Worth was also recently purchased.
In 2012, CIM Group acquired 14 acres of buildings and land along Henderson Avenue in East Dallas.