“The ability to close this transaction during difficult market conditions is a testament to the sponsorship of the Cornerstone team and their best-in-class asset,” said Tepedino. “This loan demonstrates that there is continued liquidity in the marketplace for top tier properties.”
The portfolio is located within the Quorum Office Park adjacent to the Dallas North Tollway and Belt Line Road intersection in Far North Dallas.
“The portfolio’s position within the submarket, combined with the owner’s historical success and the commitment to management and leasing of these assets, made this transaction attractive to potential lenders,” said MacKenzie. “Both the borrower and lender demonstrated flexibility and perseverance, which provided for a smooth closing process despite the current capital markets environment.”