Younan Properties Acquires Additional Ownership of 4041 Younan Plaza in Phoenix
Los Angeles, September 16, 2010 ‐‐ Younan Properties, Inc., a fully‐integrated, national real estate owner and operator of office buildings in major U.S. office markets, announced that it has completed the refinancing of 4041 Younan Plaza, a 20‐story, 405,693 square foot, Class A office tower located in downtown Phoenix and the buyout of the property's largest investor. Younan represented itself in the transaction with assistance of RKM Capital. Commercial Mortgage Backed Securities (CMBS) financing was provided by Deutsche Bank.
"We have seen significant, positive steps and changes in commercial real estate debt market origination and we were able to take advantage of the opportunity to refinance this asset for a longer term at a more attractive rate," noted Zaya S. Younan, chairman and chief executive officer. "Deutsche Bank offered attractive CMBS financing terms and was able to provide us with a financing solution quickly. They delivered on a promise and executed flawlessly."
Younan added, "We are beginning to see more leasing velocity in Phoenix, which supports our ongoing confidence in this market. The completion of this transaction will enable Younan Properties to be more responsive and flexible to meet the needs of current and potential tenants who are seeking Class A space solutions in Phoenix."
Richard Scandaliato of RKM Capital who worked with both parties said, "The client and the lender worked closely together in underwriting the asset and completing this financial transaction in an unusually short period of time. This is a credit to Younan Properties, which has an experienced finance team that can execute complicated transactions with ease."
About Younan Properties
Younan Properties is a fully integrated, self‐administered and self‐managed owner and operator of primarily Class "A" office properties located in five major U.S. office markets, including Dallas‐Fort Worth, Chicago, Houston, Phoenix and Los Angeles. The portfolio consists of 35 office properties with approximately 11.0 million square feet of rentable space. Younan is a full‐service real estate company with in‐house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing.
Contact: Denise Davis