$9,300,000 Office Loan Refinance Closed

513 Capital, a Cincinnati-based finance intermediary, is pleased to announce the closing of a $9.3MM Refinance of a 195,000 rentable square foot Multi-Tenant Office Property in Dallas, TX.

The property owners purchased the note a year earlier. At that time, they leveraged the note sale with a bridge loan. After the note acquisition and conversion to title on the property, they stabilized the existing tenants through lease extensions and began marketing activities for lease-up with new tenants.

513 Capital was engaged to find a new lender to refinance existing debt and provide a good new facility for the TI/LC and capex projects at the property. The loan was signed up and closed within 3 weeks. The lender was a REIT bridge lender and provided a 24 month interest only facility.

513 Capital specializes in bank, SBA, CMBS, and private commercial real estate funding.

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