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Younan Properties completes the refinancing of Galleria Plaza in Dallas, reducing its overall portfolio leverage to 40%. The transaction was funded by Business Partners, LLC and brokered by NorthMarq Capital out of Dallas.
Dallas, TX (PRWEB) February 05, 2014
Younan Properties, Inc., a fully integrated, national real estate owner and manager of Class "A" office buildings and retail centers in five major U.S. office markets announced that it successfully completed the refinancing of Galleria Plaza in Dallas. The new five-year, fixed rate loan from Business Partners, LLC was closed on January 31.
According to Zaya Younan, Chairman and CEO, "The refinance of Galleria Plaza takes advantage of the current favorable rate environment and reflects the market value of this Class "A" asset. Although the submarket saw only modest absorption during 2013, there are no new projects under construction, therefore we project continued absorption and upward pressure on average lease rates."
"Across the platform, Younan Properties has continued to deleverage its portfolio to 40% overall through key dispositions, capital reinvestment and favorable debt replacement. Galleria Plaza is just another example of how we have improved our balance sheet by replacing high cost debt with lower cost financing and reducing the debt on the building by 25%," Younan added.
Gary Bechtel, Chief Lending Officer of Business Partners, LLC commented on the transaction. "This is the second loan we have completed with Younan Properties. We were interested in this deal because Galleria Plaza is a great asset and because the Younan team has a reputation for professionalism and the ability to get deals done quickly."
NorthMarq Capital represented Younan Properties in the transaction and worked closely with the company and lender to complete the refinancing. "The efficiency of the Younan organization and the perseverance of Business Partners worked together to consummate an attractive fixed rate loan for an exceptional, well located asset," noted Paul C. Brighton, Senior Vice President of NorthMarq Capital in Dallas.
In 2013, the company invested more than a half million dollars in upgrades and renovations including a new lobby, conference center, upgraded common areas. and an exterior landscape improvement program. Featuring dramatic views of the surrounding office, residential and downtown Dallas skyline, Galleria Plaza is centrally located and just a 15-minute drive from Dallas/Fort Worth International Airport, Love Field Airport, Addison Airport and Dallas' Central Business District.
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