A Seattle lender is providing $30 million in financing to upgrade a three-building Plano office park.
The bridge loan from Avatar Financial Group will be used to repair and improve City-View Corporate Center on West 15th Street near U.S. Highway 75 and provide capital for build-out of office space. The buildings were previously renovated in 2019 and 2021.
Built in the 1980s, the property includes a 10-story tower and two four-story buildings with almost 300,000 square feet. The offices are owned by Dallas investor MoxieBridge.
“Avatar identified an attractive risk-adjusted investment opportunity in this property due to its prime Plano location along West 15th Street, which provides high visibility and exposure, as well as quick access to U.S. Highway 75-Central Expressway,” Avatar CEO and co-founder Jerry Zevenbergen said in a prepared statement.
Zevenbergen said the improvements will appeal to “tenants seeking a repositioned office environment … by bringing occupancy and rents up to market rates within 36 months.”
The buildings are about 60% occupied by more than 50 tenants.
“We’re excited to partner with Avatar on this bridge loan to allow us to continue providing tenants a great place to work in a prime location that only continues to get better,” Brock Robertson, Managing Partner at MoxieBridge, said.
City-View Corporate Center is just west of where developers are spending $1 billion to turn the former Collin Creek Mall into a new mixed-use project with housing, retail, offices and entertainment venues.
Centurion American Development Group is building the huge project on the west side of U.S. 75.
As Covered in The Dallas Morning News