Silver Star Properties REIT Secures $135M Financing For Texas Office Portfolio Transaction | Silver Star Properties REIT Secures $135M Financing For Texas Office Portfolio Transaction | Benefit Street Partners Realty, RWBC | Office | Loan

Summary

Loan

TEXAS

Office

12,600,000 sqft

The office portfolio in Texas, spanning 4.2 million square feet, owned by David Wheeler of Silver Star Properties REIT, secured $135 million in financing. The funding aims to support the sale of all 27 properties within the portfolio, which includes two industrial assets and one retail property, as Silver Star Properties REIT shifts its focus to acquiring self-storage facilities.

Summary of transaction details:

Property Type: Office, Retail & Industrial
Transaction Amount: $135,000,000
Address: Office Portfolio
Market: Texas
Lender: Benefit Street Partners & RWBC
Landlord: David Wheeler - Silver Star Properties REIT
Advisor: Raymond James Financial

Raymond James Financial served as the advisor for Silver Star Properties REIT in the financing deal, which included a $120 million floating-rate senior loan from Benefit Street Partners and a $15 million co-terminus second mortgage loan from RWBC. As part of this restructuring, Silver Star Properties REIT has already completed the sale of the Bent Treen Green office building in North Dallas.

Players

All
2

Lenders
2

Benefit Street Partners Realty

RWBC

Details

Deal Summary

FINANCED

IMAGE: David Wheeler DATE: 03/29/2024 ADDRESS: Office Portfolio MARKET: Texas ASSET TYPE: Office, Retail & Industrial ~ SF: 4,200,000 LENDER: Benefit Street Partners & RWBC LANDLORD: David Wheeler - Silver Star Properties REIT (@SilverStarREIT) ADVISOR: Raymond James Financial (@RaymondJames) LOAN AMOUNT: $135,000,000 NOTE: Houston-based Silver Star Properties REIT secured $135 million in financing to facilitate the liquidation of its 4.2 million-square-foot office portfolio in Texas, intending to sell all 27 properties, including two industrial and one retail asset, to focus on acquiring self-storage facilities. The financing comprises a $120 million floating-rate senior loan from Benefit Street Partners and a $15 million co-terminus second mortgage loan from RWBC, with Raymond James Financial advising Silver Star, which has already sold the Bent Treen Green office building in North Dallas.

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AddressSilver Star Properties REIT Secures $135M Financing For Texas Office Portfolio Transaction

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