Tuesday, January 14, 2014

Downtown Dallas skyscraper owners borrow $106 million to finance upgrades and purchase

Thanksgiving Tower is 74 percent leased. (HFF)
Owners of a downtown Dallas skyscraper have obtained a $106 million to finance remodeling and pay for the acquisition.

HFF LP said Monday that it provided the funding for Thanksgiving Tower, a 1.37 million-square-foot, 50-story office tower in downtown Dallas.

Woods Capital of Dallas in July bought the building in partnership with Third Point Opportunities Master Fund of New York.

HFF said it arranged a 3-year, floating-rate loan with Ares Commercial Real Estate Corp.

The money will be used for “an extensive capital improvement program aimed at dramatically improving the property’s infrastructure and amenities.”

HFF said the skyscraper is 74 percent leased to tenants including Santander Consumer USA, Gardere Wynne Sewell, Looper Reed McGraw and Petro Hunt.


faceshaker said...

I cannot help but see quite clearly the utter hypocrisy of corporatist real estate developmental disease carriers spending millions on some dumb downtown buildings while building more and more luxury condominiums for young professionals who do not happen to have employment opportunities at this time. Not one little bit surprised the fascist legal team at Gardere is in on this odd job.

Not that I really care about them; those antsy-fancy law-bots can call in dead for all I care: They're not getting any of what is now commonly called MUH MUNY.

Clearly, it seems highly important to them to privately push the poor farther and farther out of opportunities downtown--and then publicly complain the poor are "moochers" or "takers", even as those dippy confederates skip town with all the money half of Dallas would ever need, putting it away, of course, in offshore Grand Cayman veal fattening pens because they do not happen to like the federal government of the United States.

What we need now is another call to the Warren Commission and get to the bottom of why Thanksgiving Square is actually a semi-underground triangle with a larger-than-life metal figurine of H. L. Hunt in the lobby. As a trick-or-treater in the Sixties, us kids were really excited to go up to that Mount Vernon McMansion, certain we would get something good from the richest man in Dallas.

The hillbilly with money dropped a single penny in each our bags. Had I had a can of red spray paint, I would have painted the famed hammer and sickle all along his picket fence.

Ever think of reconverting some of that hollowed-out real estate into SRO housing for homeless people? Given the plain fact that the door to Gardere itself is more expensive than my entire life, it would seem that "concerned citizens" would actually step-in on the private-half of the federal government's request affordable housing for poor people be a priority.

Communist China only has 24 empty cities. Why not Dallas too?

In case you guys were unconscious, summer's over. The fat lady is getting ready to sing.


Gordon Hilgers said...

Returning to this, seeing the giant steel vultures rising on the outskirts of my neighborhood, I have one more observation: Remember whem Highland Park mommy and daddy said you couldn't go out and play until you ate your green beans?

Downtown real estate needs to be filled before "developmental issues" reach consideration: Eat your damned green beans before dessert, kindergarteners.