Younan Properties Successfully Completes $100 Million in Refinancing in 90 Days;
Company Announces Refinance of Graystone Centre in Dallas
Dallas, August 8, 2012 ---Younan Properties, Inc., a full-service, commercial property owner
and manager of Class A office buildings in Dallas, Houston, Los Angeles, Chicago and Phoenix, announced that it has successfully completed more than $100 million in total portfolio refinancing over the last quarter. On August 7, Younan completed the refinancing of Graystone Centre in Dallas.
According to Zaya Younan, Chairman and CEO, "Over the past 90 days, Younan Properties has successfully completed more than $100 million in refinancing five office properties in Dallas, Houston and Chicago. Most recently, we secured new long term debt at Graystone Centre in Dallas as we continued to take advantage of the current rate environment. Overall, we have made substantial progress toward completing the restructuring of our existing debt and de-leveraging our portfolio to less than 60%."
Younan added, "We anticipate completing another $100 million of refinancing through the end of 2012. We have significantly improved our capital position, providing us a solid foundation on which to grow through new acquisitions."
Younan will be using proceeds from the loan to add building upgrades and renovations as it continues to lease up the Class "A" office tower on the LBJ Freeway. Graystone Centre is a 15-story, 301,378 square foot, Class A property with excellent visibility from the LBJ Freeway and convenient and accessible to I-35, the Dallas North Tollway, and just seven miles east of DFW International Airport. Typical floorplates measure approximately 21,000 rsf. Amenities include a tenant fitness center, 14-person conference room, on-site deli, on-site management and security, 24/7 key card access, and updated restrooms, common area corridors and elevator lobbies. There is a covered parking garage with as well as surface parking for visitors.
About Younan Properties
Younan Properties, Inc., is a privately held real estate investment and management company, specializing in acquiring and managing Class A office properties in strong growth markets throughout the United States including Dallas, Houston, Chicago, Los Angeles and Phoenix. Known for its detailed, hands-on approach to improving operational efficiencies, while maintaining top building standards for tenants, Younan's current portfolio consists of 19 office properties in five top metro markets. Younan is a fully-integrated real estate investment company with in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit www.younanproperties.com.
Contact: Denise Davis