Miami, FL – July 9, 2013 – (RealEstateRama) — CBRE’s Debt & Equity Financing Group has secured a loan of $23.75 million for the acquisition of 7557 Rambler – a 310,771-square-foot, 14-story office tower at 7557 Rambler Road in Dallas, Texas. The borrower was Parmenter Realty Partners, based in Miami. NXT Capital out of Kennesaw, Georgia provided the three-year, floating rate loan, which was made at a 70% loan to cost ratio.
“The seller selected the borrower in this deal, in large part based on their ability to understand the markets and execute quickly to get to a closing in little more than a month’s time frame,” said CBRE Vice Chairman Charles Foschini. “Working together with the lender, NXT, we were able to close ahead of the seller’s schedule and provide a set of terms that will allow the borrower to reposition the asset with great success.”
Built in 1981, 7557 Rambler Road is a Class A office building located in the North Central Expressway submarket of Dallas less than a quarter of a mile east of Central Expressway just off of Walnut Hill Lane. Major tenants include Crump Insurance, PSA-Deberry. Inc., Ameriprise Holdings, Review Med, L.P., and Vista Care.
CBRE Vice Chairman Charles Foschini and First Vice President Christopher Apone, both with CBRE’s Debt & Equity Financing Group, along with Christian Lee, Vice Chairman with CBRE’s Capital Markets Institutional Group, arranged the financing.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
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