$105.8 million acquisition financing arranged by HFF for Thanksgiving Tower in Dallas, TX

Thanksgiving Tower, 1601 Elm Street, Business District, Dallas, TX

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. 

Trey Morsbach

The property is 74 percent leased to a diverse mix of tenants including Santander Consumer USA, Gardere Wynne Sewell, Looper Reed McGraw, and Petro Hunt.  The property features a 745-space, six-level, subterranean parking garage and the Tower Club restaurant on the 48th floor.

               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. 

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

krmurphy@hfflp.com