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Trademark secures $55M refi for Westbend mixed-use campus in Fort Worth
The seven-year loan from PGIM refinanced a prior $55 million note and comes as Westbend’s retail space is fully leased and its office is 97% occupied.
Trademark Property Co. has secured a $55 million refinancing loan for Westbend, a 281,000-square-foot mixed-use campus in Fort Worth that includes office and retail space, according to ConnectCRE.
PGIM issued the seven-year note, which retired an earlier $55 million loan originated by JP Morgan in 2016. Westbend includes the 11-story River Plaza Tower, and the property underwent a 2015 mixed-use repositioning that added an 81,150-square-foot low-rise facility and included demolition of a parking garage, ConnectCRE reports.
The campus is now adding another component, with a new residential building underway. ConnectCRE adds that Westbend’s retail portion is fully occupied, while the office segment is leased at a 97% rate.
Tenanting at the office roster includes ECapital Management and Regus, while retail tenants include quick-service restaurants such as Shake Shack and Sweetgreen, according to ConnectCRE.