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DALLAS — Woods Capital Management has received $105.8 million in acquisition financing for the 1.4 million-square-foot Thanksgiving Tower, a trophy office property in Dallas. The 50-story tower is located in the city’s central business district at the intersection of Ervay and Elm streets.
Ares Commercial Real Estate Corp. provided the three-year, floating-rate loan. Steve Heldenfels, Trey Morsbach and Brian Carlton with HFF secured the financing on behalf of the borrower.
The company will use the loan proceeds to fund an extensive capital improvement program to Thanksgiving Tower, which includes improving the property’s infrastructure and amenities. The project is expected to accelerate the ongoing revitalization of downtown Dallas’ Main Street District.
The office building features a 745-space, subterranean parking garage, as well as the Tower Club restaurant on the 48th floor. Thanksgiving Tower is 74 percent leased to tenants including Santander Consumer USA, Gardere Wynne Sewell, Looper Reed McGraw and Petro Hunt.
Founded in 2007, Dallas-based Woods Capital Management is a real estate investment firm that seeks to make opportunistic equity and debt investments. The company has completed more than $4 billion in real estate acquisition or development transactions for office, retail, industrial and mixed-use properties.
Chicago-based Ares Commercial Real Estate Corp. is a specialty finance company that originates, invests in and manages middle-market commercial real estate loans and other investments. The firm has offices in Dallas, Los Angeles, New York and Washington, D.C.
— Brittany Biddy