Pacific Elms Properties Acquires Office Tower In Dallas With $66.7M Loan From MetLife Commercial Mortgage
750 North St. Paul Street
$66,700,000
$242/SF
Building Size
275,000 SF
Asset Type
Office
Closing
Apr 26, 2023
About this deal
AI
Pacific Elms Properties, owned by Jonas Woods, has acquired St. Paul Place, a 22-story office tower located at 750 North St. Paul Street in Dallas, Texas. The property is an office building with a size of 275,000 square feet. The acquisition was financed with a $66.7 million loan from MetLife Commercial Mortgage. The loan is an acquisition loan, and the seller of the property was Quadrant Investment.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $66,700,000
- Address: 750 North St. Paul Street
- Market: Dallas
- Loan Type: Acquisition Loan
- Lender: MetLife Commercial Mortgage
- Landlord: Pacific Elms Properties - Jonas Woods
- Seller: Quadrant Investment
Jonas Woods, through Pacific Elms Properties, has successfully acquired St. Paul Place, an office tower in Dallas. The transaction was made possible with a $66.7 million loan from MetLife Commercial Mortgage. As the new landlord, Jonas Woods plans to upgrade the lobby, common areas, and amenities to reflect a Class AA quality while maintaining the property's pure office nature.
On the Map
$66,700,000
$242/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93