November 30, 2016
MetroGroup Realty Finance of Newport Beach, CA arranged a $29.9 million loan for Parkway Plaza, an 89,388 square-foot office flex building in San Antonio, TX. The loan included advances for tenant improvements and leasing commission. The company also arranged a $20.3 million loan for the 138,771-square-foot Highland Place in Denver. Both properties are owned by Dornin Investment Group.
The loans on both buildings were non-recourse, interest-only for three years, with two one-year options. Dornin opted to take advantage of the low-interest rate environment, and restructure the debt to provide future funding for leasing costs. Scott Botsford with MetroGroup Realty arranged for the financing.
Dornin entered the San Antonio market with its buy of Parkway Plaza in 2015. The company had acquired the property at 814 and 900 Arion Pkwy. as a value-add play, with the intent to lease up vacancy and increase rental rates upon lease expirations.
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