$118M CMBS Loan Taken Out On Renaissance Tower

SMA Equities and The Moinian Group, owners of Renaissance Tower, got a $118M loan from Square Mile Capital Management. The loan is secured by the 56-story, 1.7M SF Renaissance Tower, and Square Mile brought in Bank of the Ozarks to take on the senior portion of the loan.

HFF’s Whitaker Johnson and Steve Heldenfels arranged the financing for SMA and Moinian. The loan is to repay the existing CMBS loan and bridge the property through stabilization.

“We received extremely competitive financing packages from multiple sources, but ultimately closed with Bank of the Ozarks and Square Mile. The terms gave us the flexibility we required to complete lease-up of our Class-A office tower,” Moinian Group founder and CEO Joseph Moinian said.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Dallas-Fort Worth Newsletters
Related Stories

Ruben Cos. Says It Can't Sell, Finance Navy Yard Multifamily Project

Blackstone Looks To Secondary Market To Cash Out Investors In $11B Fund

Ares, Canadian Pension Investor Launch $2.4B U.S. Logistics JV

Troubled Multifamily Loans Face A Refinancing Problem: Who Puts In New Equity?

DOJ Charges LA Nonprofit Workers With Misusing $8.7M Meant For Housing Aid

McKinney Approves $21M In Funding For Cannon Beach Surf Resort

First Rate Hike Since 2023 Lands Atop 5% Treasury Yield, Ratcheting Up Capital Pressure

Stockdale Hires Fortress Exec To Launch Debt Business

Discussing Strategic Capital Stack Structuring At Bisnow's Sept. 30 National Finance Event

GTIS Partners Rebrands As Brightshore Capital, Launches $250M Debt Platform

'Beyond A Routine Wobble': 10-Year Treasury Clears 5% Ahead Of Key Fed Meeting

Machine Investment Group Buys 490-Unit Multifamily Property In North Dallas: The DFW Deal Sheet