Greensboro Station Reno Scores $165M Financing
The loan was provided by New York-based Mack Real Estate Credit Strategies. Since buying the office complex from SAIC in 2013, TMG has increased the occupancy from 28% to more than 70%. It's planning to use the financing for a comprehensive renovation of the buildings.
“We very much enjoyed working with Mack Real Estate, and we believe that the loan will be beneficial in our continuing efforts to add value and complete our full occupancy of the buildings,” Gary Block and Andrew Pence, who led the transaction for TMG, said in a joint statement.
Adjacent to the three existing buildings, TMG is developing the 18-acre site into a massive mixed-use project called The Boro, which will ultimately contain more than 1,500 residential units, 1.8M SF of office, 316k SF of retail and 250k SF of hotel space. TMG secured its first office tenant for the development last week when Tenga signed a pre-lease for 60k SF in the 20-story Boro Tower.