Virtua Partners Completes $18,000,000 Recapitalization of Dallas Office Building
Assists Tenant-in-Common Owners with Loan Extension and Capital Raise
12 Jan, 2017, 07:45 ET
SAN DIEGO, Jan. 12, 2017 /PRNewswire/ -- Virtua Partners announced today that it has successfully recapitalized Midtown Atrium, a 113,359 square foot office complex located in the northern submarket of Dallas, Texas. Virtua assisted the tenant-in-common (TIC) investors with an extension of the current senior loan, and the investment of $2,000,000 in preferred equity. The new capital is being used to fund tenant improvements, leasing commissions, and property upgrades.
The property became troubled when the current tenant, Republic Insurance, notified the owners they would not be renewing their lease when it expires in February 2017.
Versant Commercial Brokerage, Inc., an affiliate of Virtua, assisted in placing the new preferred equity. Virtua Partners provided the loan guarantees stepped in as the new sponsor. Asset management services will be provided by a Virtua affiliate, Clear Vista Management.
"We appreciate the active assistance of the senior lender, Midfirst Bank," commented Quinn Palomino, Principal at Virtua and Versant. "Without its cooperation this restructuring would not have been possible. Midtown Atrium is an attractive property in a visible location, and we are excited about its future."
About Virtua Partners:
Virtua Partners sponsors a variety of commercial real estate projects across the country. Through its affiliate, Versant Commercial Brokerage, Inc. (www.Versantcre.com), Virtua restructures undercapitalized commercial real estate, providing the debt, equity, and improved management necessary to stabilize distressed assets. Through its affiliate, Quyp Development, Virtua sponsors development projects. Clear Vista Management (www.Clearvistamanagement.com) provides asset management services across the portfolio.
Our network of relationships, sophisticated analyses, and experience in deal structuring give us unique capabilities to revitalize challenged properties.
Please visit http://www.virtuapartners.com to learn more about our investor services.
SOURCE Virtua Partners
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