San Diego-based Parallel Capital Partners, Inc. has received a $95 million loan from Bank of America (BOA) for the refinancing of Urban Towers, a Class AA high rise office complex spanning more than 850,000 square feet in Irving, Texas, near Dallas.
Comprised of two office towers on 11.2 acres at 222 W. Colinas Blvd., Urban Towers is LEED Gold Certified by the U.S. Green Building Council.
According to Michael Burer, chief financial officer of Parallel Capital Partners, a real estate investment and operating firm, Urban Towers' new loan offers better terms - taking advantage of today's competitive capital market. "Since acquiring this property in 2013 we've invested more than $30 million in capital improvements," said Burer. "This loan offers further evidence of our commitment to Urban Towers and allows us to deepen our relationship with BOA - demonstrating strong lender confidence in this top-quality asset, located in a highly desirable market."
David Milestone of Newmark Knight Frank arranged the financing for a five-year term.
Urban Towers was 82 percent leased at the time the loan closed to clients including The Pasha Group, Celanese, MultiPlan, Inc. and Hyundai Merchant Marine.
Built in 1982 and 1984, Urban Towers encompasses the 22-story North Tower and 17-story East Tower with a five- and a seven-story parking structure respectively. With a striking mirrored glass clad exterior, the complex holds an Energy Star rating of 91.
The complex is situated in Las Colinas - a premier business district and master-planned community 10 minutes from Dallas. The master-planned center features apartments - more than 7,500 built and 1,200 under construction - top-rated resorts, a convention center, restaurants, Toyota Music Factory - a large, world class concert venue - as well as other entertainment, work spaces and outdoor trails all centered around the 125-acre Lake Carolyn.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a real estate investment and operating firm that focuses on office, industrial and retail property acquisition in markets in the western U.S. and Hawaii. The company identifies opportunities where assets are undervalued and uses restructuring, capital improvements and superior leasing and management to turn value-added opportunities into core properties.