Westdale Properties America Secures $115 Million Loan From Reznik Paz Nevo Trusts For Texas Properties
2555 Pacific Avenue, 9901 Interstate 10 West, 3801 Block Drive & 3929 Block Drive
$115,000,000
Building Size
—
Asset Type
Office
Closing
Jul 30, 2024
About this deal
AI
The transaction involves three properties located in Texas: Epic Office I situated at 2555 Pacific Avenue in Dallas, The Colonnade located at 9901 Interstate 10 West in San Antonio, and The Woodmeade multifamily property at 3801-3929 Block Drive in Irving. The deal secured a senior loan amount of $115 million, with the types of assets categorized as office and multifamily within the Dallas, San Antonio, and Irving markets.
Summary of transaction details:
- Property Type: Office & Multifamily
- Transaction Amount: $115,000,000
- Lender: Reznik Paz Nevo Trusts
- Landlord: Westdale Properties America
- Broker: Amir Giryes - Giryes Capital Group
- Loan Terms: 5-year, fixed-rate
The financing for this transaction was arranged by Amir Giryes representing Giryes Capital Group, along with Pando Cos. The arrangement comes in the context of increasing office loan defaults and delinquencies, highlighting a pivotal moment ahead of significant office loans maturing by 2026.
On the Map
$115,000,000
Office
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Players
Dallas Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93