{"id":1004393822,"date":"2020-02-21T06:43:23","date_gmt":"2020-02-21T14:43:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004393822"},"modified":"2020-02-21T06:43:23","modified_gmt":"2020-02-21T14:43:23","slug":"virtua-partners-completes-41m-refi-recap-of-austin-office-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/virtua-partners-completes-41m-refi-recap-of-austin-office-property\/","title":{"rendered":"Virtua Partners Completes $41M Refi, Recap of Austin Office Property"},"content":{"rendered":"<div id=\"attachment_1004393825\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/Met-Center-15-e1582293282304.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004393825\" data-attachment-id=\"1004393825\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/virtua-partners-completes-41m-refi-recap-of-austin-office-property\/met-center-15\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/Met-Center-15-e1582293282304.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Met Center 15\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Met Center 15&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/Met-Center-15-e1582293282304.jpg?w=640\" class=\"wp-image-1004393825 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/Met-Center-15-e1582293282304.jpg\" alt=\"Met Center 15\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/Met-Center-15-e1582293282304.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/Met-Center-15-e1582293282304.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004393825\" class=\"wp-caption-text\">Met Center 15<\/p><\/div>\n<p>Virtua Partners has completed a $41 million refinancing and recapitalization of Met Center 15, a 257,600-square-foot office and flex commercial building in Austin, Texas.<\/p>\n<p>According to Yardi Matrix information, the Class B property went through the same process in 2016 and 2018, most recently with the help of a $32 million bridge loan held by Narrative Capital. Virtua purchased the asset in 2016 from Newmark Knight Frank for $28 million.<\/p>\n<p>Located at 7301 Metro Center Drive, the one-story building was developed in 2001 on a 27-acre site. The property is fully occupied by two Fortune 500 companies. One of the tenants recently renewed its lease through the efforts of Virtua affiliate Clear Vista Management, thus facilitating the refinancing.<\/p>\n<p>Met Center 15 is less than 10 miles southeast of downtown Austin and less than 10 miles west of Austin-Bergstrom International Airport. The property is also adjacent to a five-building, 404,800-square-foot industrial and&nbsp;office portfolio that <a href=\"https:\/\/www.commercialsearch.com\/news\/zydeco-development-reels-in-100m-for-austin-portfolio\/\">traded in December for $100 million<\/a>.<\/p>\n<p>Following the refinancing, two classes of preferred equity will be retired, as Class 1 investors realized a 15 percent internal rate of return while Class 2 investors obtained a 30 percent internal rate of return. Virtua expects the process will also allow future distributions to common equity lenders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 257,600-square-foot building went through the same process in 2016 and 2018.<\/p>\n","protected":false},"author":870,"featured_media":1004393825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21825,21742,21747],"tags":[48791,36007,34669],"class_list":["post-1004393822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-finance","category-latest","category-office","tag-narrative-capital","tag-newmark-knight-frank","tag-virtua-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Virtua Partners Completes $41M Refi, Recap of Austin Office Property - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/virtua-partners-completes-41m-refi-recap-of-austin-office-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Virtua Partners Completes $41M Refi, Recap of Austin Office Property\" \/>\n<meta property=\"og:description\" content=\"The 257,600-square-foot building went through the same process in 2016 and 2018.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/virtua-partners-completes-41m-refi-recap-of-austin-office-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-21T14:43:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/Met-Center-15-e1582293282304.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virtua-partners-completes-41m-refi-recap-of-austin-office-property\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virtua-partners-completes-41m-refi-recap-of-austin-office-property\\\/\"},\"author\":{\"name\":\"Adriana Marinescu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d8680cf55f814fe2742cf94207212af1\"},\"headline\":\"Virtua Partners Completes $41M Refi, Recap of Austin Office Property\",\"datePublished\":\"2020-02-21T14:43:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virtua-partners-completes-41m-refi-recap-of-austin-office-property\\\/\"},\"wordCount\":210,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virtua-partners-completes-41m-refi-recap-of-austin-office-property\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/02\\\/Met-Center-15-e1582293282304.jpg\",\"keywords\":[\"Narrative Capital\",\"Newmark Knight Frank\",\"Virtua Partners\"],\"articleSection\":[\"Austin\",\"Finance\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virtua-partners-completes-41m-refi-recap-of-austin-office-property\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virtua-partners-completes-41m-refi-recap-of-austin-office-property\\\/\",\"name\":\"Virtua Partners Completes $41M Refi, Recap of Austin Office Property - 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