Westdale Properties America has received a $115 million senior loan for three Texas properties. The note encumbers two office buildings, Epic Office I in Dallas and The Colonnade in San Antonio, along with The Woodmeade, a 304-unit multifamily property in Irving.
Reznik Paz Nevo Trusts provided the 5-year, fixed-rate financing, according to CommercialEdge information. Amir Giryes, the founder of Giryes Capital Group and managing partner of Pando Cos., arranged the transaction.
Office loan defaults and delinquencies are on the rise, according to a recent CommercialEdge report. More than $260 billion in office loans have matured recently or will mature by the end of 2026, affecting over 12,000 properties. Some $164.5 billion (62.6 percent) are in urban submarkets, while $187.7 billion (71.4 percent percent) involve Class A buildings.
Two attractive office buildings
Totaling 282,873 square feet, Epic Office I is at 2555 Pacific Ave. within an Opportunity Zone in South Dallas. Completed in 2019, the 16-story, Class A building includes 18,000 square feet of retail space and seven levels of parking. Amenities at the LEED Gold-certified property include a fitness center, a conference center, a roof deck, a café, five passenger elevators, on-site bike locker and controlled access.
Westdale broke ground on The Epic, a mixed-use property that also includes a residential tower and a boutique hotel, in 2017. The developer financed the project’s construction with a $160 million note also provided by Reznik Paz Nevo Trusts, CommercialEdge shows.
As for The Colonnade, Westdale purchased it back in 2012 from Griffin Partners. The 168,255-square-foot office building came online in 1983, featuring 19,260-square-foot floorplates, four passenger elevators, controlled access and on-site security. The Colonnade is located at 9901 Interstate 10 in San Antonio, near a variety of retail, lodging and dining options.