MoxieBridge Secures $30M Refi for Plano Office Park

CityView Corporate Center I

Seattle-based Avatar Financial Group has provided a $30.4 million refinancing package for the repositioning of CityView Corporate Center, a three-building office park totaling 293,821 square feet in Plano, Texas. The Class B office properties are owned by locally based MoxieBridge, CommercialEdge data shows.

The bridge loan carries a 6.3 interest rate and is set to mature in March 2024, Collin County records show. The owner acquired the office properties in late 2018 and financed the purchase with a $26.9 million acquisition loan originated by Argentic, public records show.

The office park includes two four-story buildings: CityView Corporate Center I at 1309 W. 15th St. and CityView Corporate Center II at 1201 W. 15th St., along with the 10-story mid-rise also known as North Central Tower at 1255 W. 15th St. The properties offer a combined 924 parking spaces.

Planned updates

The trio underwent multiple upgrades since their completion between 1980 and 1982, with the most recent works finalized in 2021.

MoxieBridge plans to continue upgrading the park and reposition it by updating common-area amenities, adding in new fixtures and other cosmetic interior renovations. The capital improvement program also includes the addition of a 25,000-square-foot spec space with construction expected to last three years.

The asset’s “prime Plano location” along with the planned improvements program will boost CityView Corporate Center’s tenant roster and will likely further stabilize rates, potentially reaching market rates within three years, said Jerry Zevenbergen, CEO & co-founder of Avatar Financial Group, in prepared remarks.

The multi-tenant office park is 58 percent leased. The tenant base includes The Mustard Seed Ministry, Third Coast Bank SSB and MD Engineering, among others.

The campus is less than a mile away from U.S. Highway 75 and within 2 miles of the President George Bush Turnpike. Downtown Dallas is 20 miles away, while Dallas-Fort Worth International Airport is some 25 miles southwest. Granite Park Six, an underway office project totaling 420,000 square feet in the same Dallas suburb is roughly 14 miles away. That 19-story building is slated for a mid-2023 delivery.