$115 Million Loan Secured from Foreign Lenders Amid Office Lending Challenges

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Jul 29, 2024, 14:15 ET

DALLAS, July 29, 2024 /PRNewswire/ -- Despite the current challenging lending environment in the real estate market, particularly for office properties, Amir Giryes, Founder of Giryes Capital Group and Managing Partner of Pando Companies, has successfully arranged a $115 million senior loan for three Texas properties owned by Westdale Properties America. From the beginning of 2024, the Israeli capital markets have lent over $1 billion to US properties, many of which are offices.

The three properties included in this deal are Epic Office I: A 282,873 sqft Class A+ office building located in the Deep Ellum district of Dallas, Colonnade: A 168,255 sqft Class B office building situated in North San Antonio and Woodmeade: A 304-unit multifamily property based in Irving, TX.

Deal Highlights:

Loan Amount: $115 million
Leverage: 70%
Term: 5-year fixed, interest-only
Fixed Interest Rate: 7.11%

The loan was provided by a syndicate of Israeli institutions and structured as a 5-year bond. The book auction saw demand more than double the available amount, highlighting the strong interest even amid the current difficult lending conditions for office properties.

"This transaction highlights the liquidity of the Israeli market," said Amir Giryes. "Collaborating with a client like Westdale has been an exceptional experience, and the enthusiastic response from Israeli investors underlines their confidence. We are privileged to work with such a partner. The Israeli capital institutions are actively seeking quality investment opportunities," he added.

This offering follows a recent $385 million financing from the Israeli bond market for the Bryant Park office tower in Manhattan, achieved despite the impending departure of anchor tenant HSBC next year. This further demonstrates the resilience and attractiveness of US real estate investments to Israeli investors.

About Pando Companies Pando Companies is a leading commercial real estate financing firm. With a focus on providing tailored financial solutions, Pando Companies helps clients navigate complex real estate transactions with ease and expertise.

About Giryes Capital Group Giryes Capital Group serves as a intermediary between American and Israeli companies and investors, facilitating significant real estate investments.

About Westdale Properties America Westdale Properties America is a premier real estate investment and management company with a diverse portfolio of office, retail, and multifamily properties. The company is dedicated to delivering high-quality real estate solutions and creating value for its investors and tenants.

Media Contact: [email protected]

SOURCE Giryes Capital Group