{"id":1004605062,"date":"2022-09-30T11:10:00","date_gmt":"2022-09-30T19:10:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004605062"},"modified":"2023-04-19T02:19:31","modified_gmt":"2023-04-19T10:19:31","slug":"62m-loan-backs-dallas-area-office-asset-purchase","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/62m-loan-backs-dallas-area-office-asset-purchase\/","title":{"rendered":"$62M Loan Backs Dallas-Area Office Asset Purchase"},"content":{"rendered":"
\"3400<\/a>

3400 at CityLine. Image courtesy of Rubenstein Mortgage Capital<\/p><\/div>\n

Zeller<\/strong> has purchased 3400 at CityLine, the first speculative office structure built at the $2 billion CityLine mixed-use development just outside Dallas in Richardson, Texas, with the assistance of financing from Rubenstein Mortgage Capital<\/strong>. RMC provided $62 million to an affiliate of the Chicago-based commercial real estate investment firm, known as Zeller Realty Group<\/strong> until a recent rebranding, for the acquisition of the approximately 312,000-square-foot, Class A property.<\/p>\n

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READ ALSO<\/strong>: Carried Interest Is Still Here. What You Should Know About It<\/a><\/p>\n

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3400 CityLine first opened its doors in 2018, a development project of a joint venture between Transwestern<\/strong> and a fund advised by UBS Asset Management<\/strong>, along with strategic partner Malouf Interests<\/strong>. The five-story building carries the address of 3400 N. Central Expressway and occupies roughly 6.6 acres just off Highway 75. The property, which also features an attached 1,400-space parking facility, is presently 83 percent leased.<\/p>\n

RMC came through for Zeller with financing in the form of a first mortgage loan for the purchase of 3400 at CityLine, providing an initial $57 million at the closing of the transaction and the remaining $5 million to be directed toward future leasing costs.<\/p>\n

What a lender wants <\/strong><\/h2>\n

Amid a precarious economic climate and a national office sector that has yet to regain its pre-pandemic footing, RMC notes that it was attracted to 3400 at CityLine\u2019s superb location and highly desirable amenities. As noted in statistics from a Cushman & Wakefield<\/strong> report, the Richardson\/Plano area, with a vacancy rate of 17.9 percent, was among the top three submarkets that recorded the lowest vacancy rate in the second quarter of 2022; the average overall vacancy rate in Dallas\/Fort Worth was 21.1 percent.<\/p>\n

In addition to an ability to remain at the forefront of leasing activity, Richardson has a few other characteristics that bode well for the office sector over the long term. \u201cThe [Richardson] submarket provides a highly talented labor force to draw from, with 58 percent of the population holding a bachelor\u2019s degree or higher,\u201d according to a second quarter 2022 report by Bradford Cos<\/strong>. \u201cThe submarket also benefits from DART access: four DART rail stations are located here, more than any other suburban office submarket in the metroplex.\u201d<\/p>\n

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READ ALSO:<\/strong> Triten to Transform Former Suburban Dallas Mall<\/a><\/p>\n

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And then there\u2019s CityLine itself; the massive, mixed-use destination has lured build-to-suit office projects<\/a> from the likes of State Farm and Raytheon, which set up shop in corporate office facilities at CityLine totaling 2 million square feet and 500,000 square feet, respectively. And along with the new office space at CityLine, new luxury multi-family developments and retail offerings have popped up to complete the live-work-play environment.<\/p>\n

3400 at CityLine also has the amenities that office users continue to seek in an effort to attract and retain talent. Designed by architecture firm BOKA Powell<\/strong>, the LEED Gold-certified building benefits on a visual and energy-efficiency level from high-performance floor-to-ceiling windows and offers a long roster of desirable features including a tenant lounge, desk lounge and coffee bar, a state-of-the-art fitness facility and country club-style locker rooms. The striking low-rise tower also provides direct trail access to the Spring Creek Nature Preserve and the North Dallas trial network.<\/p>\n","protected":false},"excerpt":{"rendered":"

Rubenstein Mortgage Capital provided Zeller with acquisition financing for 3400 at CityLine.<\/p>\n","protected":false},"author":969,"featured_media":1004605071,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21782,21825,21752,21742,21747,51973],"tags":[34769,32799,36039,33313,40434,34116],"class_list":["post-1004605062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-development","category-finance","category-mixed-use","category-latest","category-office","category-southwest","tag-boka-powell","tag-cushman-wakefield","tag-rubenstein-partners-lp","tag-transwestern","tag-ubs-asset-management","tag-zeller-realty-group"],"acf":[],"yoast_head":"\n$62M Loan Backs Dallas-Area Office Asset Purchase - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Zeller purchased 3400 at CityLine, the first spec office structure built at the $2 billion CityLine mixed-use project in Richardson, Texas.\" \/>\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\/62m-loan-backs-dallas-area-office-asset-purchase\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$62M Loan Backs Dallas-Area Office Asset Purchase\" \/>\n<meta property=\"og:description\" content=\"Zeller purchased 3400 at CityLine, the first spec office structure built at the $2 billion CityLine mixed-use project in Richardson, Texas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/62m-loan-backs-dallas-area-office-asset-purchase\/\" \/>\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=\"2022-09-30T19:10:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-19T10:19:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/3400-at-CityLine-Richardson-Texas.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"825\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/62m-loan-backs-dallas-area-office-asset-purchase\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/62m-loan-backs-dallas-area-office-asset-purchase\/\",\"name\":\"$62M Loan Backs Dallas-Area Office Asset Purchase - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/62m-loan-backs-dallas-area-office-asset-purchase\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/62m-loan-backs-dallas-area-office-asset-purchase\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/3400-at-CityLine-Richardson-Texas.jpg\",\"datePublished\":\"2022-09-30T19:10:00+00:00\",\"dateModified\":\"2023-04-19T10:19:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"description\":\"Zeller purchased 3400 at CityLine, the first spec office structure built at the $2 billion CityLine mixed-use project in Richardson, Texas.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/62m-loan-backs-dallas-area-office-asset-purchase\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/62m-loan-backs-dallas-area-office-asset-purchase\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/62m-loan-backs-dallas-area-office-asset-purchase\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/3400-at-CityLine-Richardson-Texas.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/3400-at-CityLine-Richardson-Texas.jpg\",\"width\":825,\"height\":600,\"caption\":\"3400 at CityLine. 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