Dallas Business Journal: Details emerge on financing for purchase of aging Uptown Tower

More details have emerged about the recent purchase of Uptown Tower, an aging high-rise where renovations are planned to make the building more alluring.

Dallas-based Bradford Cos., through affiliate Bradford UPT Partners LLC, acquired the 12-story office tower earlier this month.

Financing for the deal came from a local direct private lender. Dallas-based Hall Structured Finance announced July 30 it provided a $30.8 million first-lien loan to Bradford UPT Partners LLC to “facilitate the acquisition of the office tower and fund future planned improvements.” A first-lien loan gives a lender the primary claim on the collateralized assets, meaning it would be paid back before other creditors in case of a default or bankruptcy.

The office tower was completed in 1982 and spans roughly 254,000 square feet. It is located off U.S. 75 near the affluent Knox-Henderson neighborhood.

Renovations planned by Bradford for the building include an updated lobby that will feature a golf simulator and coffee kiosk, new restrooms on each floor, a brand new fitness center and flexible coworking suites, according to previous DBJ reporting.

Dallas Central Appraisal District most recently valued the property as about $22 million, including more than $7.7 million for the land.

For Hall Structured Finance, the loan marks a return to the office lending market after focusing primarily on multifamily and hospitality financing in recent years, according to the announcement, adding that it is “targeting” value-add and ground-up construction projects in Texas.

“We now believe office properties in the right location and with the right amenities will be successful,” Craig Hall, founder and chairman of Hall Structured Finance and leader of the wider Hall Group, said in a statement. “We’re accordingly excited to pursue new office opportunities, and while stabilized office assets may not align with our current strategy, ground-up developments and value-add projects are a great fit for our company.”