CBRE Capital Markets’ Debt & Structured Finance arranged $120.5 million in bridge financing for a three-property portfolio encompassing five office buildings in Irving, Texas, and Richmond, Virginia.

Charles Foschini and Christopher Apone of CBRE’s Miami, Florida, office arranged the refinancing on behalf of Parmenter Realty Partners. Pine River Capital Management provided the loan at a 63% loan-to-value (LTV) ratio.

“I have been fortunate to work with Parmenter over many years, and was retained at the beginning of this year to start evaluating a recapitalization of the last remaining assets in Fund III,” said Mr. Foschini, CBRE Vice Chairman of South Florida Markets. “An integral component of the deal was to find a lender willing to provide the proceeds necessary to fund the capital improvements and lease up the building. The portfolio had several challenges including overcoming the current perception surrounding the Texas markets and having SunTrust, the namesake tenant in the Richmond property announce their departure during our marketing period.”

The properties in the portfolio owned by Parmenter Realty Partners include:

• Las Colinas Towers I & II, two Class A office buildings constructed in 1979 and totaling 484,028 square feet at 225 E. John Carpenter Freeway in Irving.
• Mandalay Tower, a 325,219-square-foot, Class A office building (formerly known as VHA Place) built in 1981 at 220 East Las Colinas Blvd. in Irving.
• SunTrust Center, a two-building Class A office complex built in 1967 and 1983, spanning 486,340 square feet at 919 E. Main Street in Richmond.

“Working together through a competitive process, Pine River was selected among several other debt funds and commercial lenders based on their ability to clearly understand the Texas Submarkets and further believe that the Richmond market could easily reabsorb the space to be left by SunTrust,“ added Mr. Foschini.

Parmenter is a fully integrated real estate investment, management and development firm, headquartered in Miami, Florida, with regional offices in Dallas and Atlanta. The company owns and operates high-quality office properties, and is actively involved in the expansion of its portfolio throughout its targeted markets.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.