Taconic Lands $190M Refinance for Dallas-Area Office Property
CIM provided the financing for the two-building asset
Taconic Capital Advisors has landed a $190 million refinance for International Plaza I & II, two Class A office properties totaling 780,000 square feet in Farmers Branch, Texas, Commercial Observer has learned.
CIM Group originated the five-year, floating-rate loan in a transaction arranged by Cushman & Wakefield’s Rob Rubano, Greg Napper and Brian Share.
Located at 14201 N Dallas Parkway and 14221 N Dallas Parkway respectively, roughly 20 minutes from Dallas, International Plaza I and International Plaza II are 13-story and 15-story campus-like high rises. The development is one of the largest properties along the Dallas North Tollway.
New York-based Taconic acquired the asset in 2018, its first purchase in North Texas, in an off-market transaction. At the time, the two buildings had been recently vacated by J.P. Morgan and Fannie Mae, giving Taconic the opportunity to implement a significant capital improvement plan at the property.
“Taconic has done a great job of positioning the asset over the last two years, as evidenced by continued strong tenant demand for the building. The execution of their business plan has truly elevated International Plaza I & II as two of the more desirable buildings in Dallas, ”Rubano said in prepared remarks. “The ability for CIM to underwrite a whole loan financing of this size in the current market environment speaks to the quality of the asset and the strength of Taconic as a borrower.”
In 2019, healthcare services company Tenet Healthcare Corporation leased the 372,000-square-foot International Plaza I in its entirety as its new headquarters. And in April this year, railcar maker Trinity Industries announced it would move its global headquarters to International Plaza II by January 2021, as reported by Dallas Business Journal.
As part of the property renovation, Taconic added more than 46,000 square feet of amenities, including a ground-floor cafe and bar, a fitness center and a 150-person conference center.