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: amir@giryes.com
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SOURCE Giryes Capital Group