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.

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