BRIDGING THE GAP
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HFF and GE Capital Real Estate completed a $98M bridge loan for the 661k SF West 7th office, retail, and multi-housing development in Fort Worth. HFF worked on behalf of the borrower, Carlyle/Cypress West 7th—a partnership within the umbrella of Cypress Equities Cos—to secure the three-year adjustable-rate loan through GE Capital Real Estate. Proceeds are refinancing existing construction loans from eight different lenders and the loan was structured with funds available to pay for future TI and leasing commissions. Completed in 2009, West 7th has 254k SF of first-floor restaurant, entertainment and retail space, a 103k SF Class-A office building, and 345 fully occupied multi-housing units. (Retailers include Movie Tavern and LA Fitness. Major office tenants: Weaver and TW Telecom.) Sovereign Bank, Pour House, and In-N-Out Burger (yes!) executed ground leases for three of the property's four adjacent pad sites. West 7th is at North University Drive and West 7th in the Cultural District. The HFF team repping Cypress Equities includes Trey Morsbach and Travis Anderson. |
