Regent Properties has inked a $406 million refinancing CMBS loan for the Trammell Crow Center, a 1.2 million-square-foot office high-rise in downtown Dallas. Commercial Search reports Wells Fargo and Morgan Stanley will be the lenders. The note features interest-only payments for its five-year duration at a fixed rate of 7.45 percent.
Regent will use the loan to repay previous debt, while an additional $19.6 million in cash equity will fund an upfront reserve and cover closing costs. Wells Fargo held the previous note, which, according to Yardi Matrix, amounted to $424 million.
Trammell Crow Center last traded in 2022 for $615 million. JP Morgan Asset Management sold the tower to Regent. The 1984-completed, 49-story tower underwent a substantial $182 million capital improvement plan between 2017 and 2019.
Amenity upgrades included a new gym, ground-floor retail spaces, a tenant lounge and conference rooms.
As of July, the property was 92.8 percent leased.
The post Regent Inks $406M Refi on Trammell Crow Center appeared first on Connect CRE.
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