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| Thanksgiving Tower, 1601 Elm Street, Business District, Dallas, TX |
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| Steve Heldenfels |
DALLAS, TX – HFF announced it has arranged $105.8 million in
acquisition financing for Thanksgiving Tower, a 1.37
million-square-foot, 50-story, trophy office property in Dallas’ central
business district.
HFF
worked on behalf of Woods Capital Management to secure the three-year,
floating-rate loan through Ares Commercial Real Estate Corporation.
Loan proceeds will be used to fund an extensive capital
improvement program aimed at dramatically improving the property’s
infrastructure and amenities and accelerating the ongoing revitalization of
downtown Dallas’ Main Street District.
Thanksgiving Tower is located at 1601 Elm Street at the
intersection of Ervay and Elm Streets within walking distance of the DART light
rail in the heart of downtown Dallas.
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| Trey Morsbach |
The
HFF team representing the borrower was led by managing director Steve
Heldenfels and senior managing directors Trey Morsbach and Brian
Carlton.
Woods Capital, founded by Jonas Woods in 2007, is an
integrated real estate investment firm focused on the U.S. real estate
market.
The firm seeks to make opportunistic equity and debt
investments on behalf of its investors in projects where it can leverage the
acquisition, management, development and capital markets experience of the
firm.
The Woods Capital team has been a successful participant in
the real estate markets as an investor, developer and manager of real estate
assets, as well as a fiduciary on behalf of third-party capital.
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| Brian Carlton |
The team members have completed over $4 billion in real
estate acquisition and/or development transactions including office,
residential, industrial, retail and mixed-use properties.
Ares Commercial Real Estate Corporation is a specialty
finance company that provides principal lending, mortgage banking and servicing
of commercial real estate loans.
Through its national direct origination platform, Ares
Commercial Real Estate Corporation provides a broad offering of flexible
financing solutions for commercial real estate owners and operators in the
middle market.
Ares Commercial
Real Estate Corporation has elected to be taxed as a real estate investment
trust and is externally managed by an affiliate of Ares Management LLC, a
global alternative asset manager with approximately $68 billion in committed
capital under management as of September 30, 2013.
For more information, please visit www.arescre.com.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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