Urban Towers Gets Refi to Tune of $95M
San Diego-based Parallel Capital Partners Inc. received a $95 million loan from Bank of America for the refinancing of Urban Towers, a class-A high rise office complex spanning more than 850,000 square feet. Urban Towers is comprised of two office towers on 11.2 acres at 222 W. Colinas Blvd. in Irving.
“Since acquiring this property in 2013 we’ve invested more than $30 million in capital improvements,” says Michael Burer, chief financial officer of Parallel Capital Partners, a real estate investment and operating firm. “This loan offers further evidence of our commitment to Urban Towers and allows us to deepen our relationship with BOA – demonstrating strong lender confidence in this top-quality asset, located in a highly desirable market.”
Urban Towers was 82 percent leased at loan closing to tenants including The Pasha Group, Celanese, MultiPlan Inc. and Hyundai Merchant Marine. Built in 1982 and 1984, Urban Towers encompasses the 22-story North Tower and 17-story East Tower with a five- and a seven-story parking structure respectively. Urban Towers is LEED Gold-certified by the U.S. Green Building Council.
The complex is situated in Las Colinas featuring apartments (more than 7,500 built and 1,200 under construction) resorts, a convention center, restaurants and Toyota Music Factory, all centered around the 125-acre Lake Carolyn.
David Milestone of Newmark arranged the financing for a five-year term.