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Moinian, SMA secure $118M mortgage for Dallas office building

Square Mile Capital Management LLC announced that it has originated a $118 million mortgage loan secured by Renaissance Tower, a prominent 56-story office building comprising over 1.7 million square feet located in Downtown Dallas.

Square Mile brought in Bank of the Ozarks to take a senior portion of the loan.

Whitaker Johnson and Steve Heldenfels from Holliday Fenoglio Fowler arranged the financing, which will be used to repay the existing CMBS loan and bridge the property through stabilization.

The loan was made to a joint venture consisting of SMA Equities and The Moinian Group, both based in New York City, who have owned the building since 2006. The Moinian Group is led by Joseph Moinian, and currently owns a portfolio of 20 million square feet across major cities including New York, Chicago, Dallas, and Los Angeles.

SMA Equities was founded by Samy and Sina Mahfar and invests in multifamily, retail, office, mixed-use properties and land nationwide. SMA Equities also owns and operates Republic Center and Parkway Tower in the Dallas/Fort Worth area.

Renaissance Tower is one of the tallest and largest office buildings in Downtown Dallas. The office tower is in the heart of Dallas’ Central Business District, within a block from the Akard DART Light Rail Station. The property also features a connected parking garage and the Crystal Court Atrium that houses a vast array of restaurants and retail.

Other tenants include Hilltop Securities, The Neiman Marcus Group, Dallas County, and Ernst & Young. The owners recently signed a 20-year lease with the Environmental Protection Agency (“EPA”) for 229,000 square feet at the property, and the tenant is scheduled to move in December 2018.

Square Mile Principal Matthew Drummond said, “We are excited to establish a lending relationship with SMA Equities and The Moinian Group on this transaction.

As Downtown Dallas continues to benefit from additional redevelopment and as evidenced by the recent signing of the EPA lease, Renaissance Tower is well-positioned as a cost-effective alternative to other high-quality office buildings located in submarkets such as Uptown and Plano.”

Square Mile Capital Management LLC is an integrated institutional real estate finance and investment management firm based in New York.

The firm’s commercial real estate debt platform provides customized capital solutions for real estate assets throughout the United States.

Square Mile’s opportunistic platform takes a value-oriented approach to its investment activities, with an emphasis on opportunities to invest in real estate assets or enterprises that are undervalued, complex or under-capitalized.

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