Workspace Property said it obtained a two-year extension and modification on its commercial mortgage-backed securities debts on 146 suburban office and warehouse buildings around the country. The loan, made five years ago when interest rates were much lower, had been in the hands of special servicers and was coming due in full before the refinancing.
The company’s investors agreed to put new capital in the properties as part of the debt deal. The funding covered about half of the company’s holdings.“Getting this deal done in what many have described as the most challenging real estate market in decades was no small feat and is a testament to the underlying strength of our portfolio, the resilience of the suburban office sector, the promise of our pipeline and the capabilities of Workspace’s vertically integrated national platform,” Thomas A.
Workspace Property is just one of many North Texas commercial real estate owners faced with finding new funding for properties. More than $10 billion in commercial mortgage-backed securities loans in the Dallas-Fort Worth area are set to come due through the end of next year.Advertisement In the Dallas area, its holdings include two office buildings in Las Colinas at 919 Hidden Ridge Drive and 3929 W. Carpenter Freeway and two Frisco office buildings at 7624 and 7668 Warren Parkway. Workspace Property also has office properties in Fort Worth and Arlington, and three buildings in the Houston area.
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