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Avatar Financial Provides $30M Refinancing for Plano Office Property
Avatar Financial Group has provided a $30 million bridge loan for the refinance, repositioning and stabilization of a 293,821-square-foot, multi-tenant Class B office asset in Plano.
The three-building property is known as City-View Corporate Center, and is located at 1201, 1255, and 1309 W. 15th St. The property includes one ten-story building and two four-story buildings that were built in the early 1980’s and have been renovated over the years, most recently between 2019-2021. Recent improvements include common area renovations, LED lighting and paint throughout the property, updated carpet and tile and an extensive spec suite program. The property is 58% occupied by more than 50 tenants.
The sponsor plans to execute a repositioning program including CapEx investment, tenant improvements, completion of HVAC repairs and leasing commissions. The property is also set to undergo a “build-out” of an additional 25,000 square feet of spec space over the next three years.
- ◦Development
- ◦Financing
