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| Granite Park complex, Plano, TX |
DALLAS, TX – HFF announced today that it has arranged a $120
million in cross-collateralized financing for Granite Park I, II and III , three Class AA office towers
within the mixed-use Granite Park development situated on 90 acres in Plano,
Texas.
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| Trey Morsbach |
Working on behalf of Granite Properties, Inc., HFF placed
the 10-year, fixed-rate loan with MetLife Real Estate Investors. Funds from this transaction were used to
refinance an existing loan with the lender.
Located at the intersection of the Dallas North Tollway and
State Highway 121, Granite Park includes three, 95 percent leased office
buildings totaling 873,636 square feet
that were completed in phases between 1999 and 2006 and served as
collateral for the loan.
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| James M. Curtin |
A fourth office building and a 300-room hotel are under
construction within Granite Park as of spring 2013. In addition to the LEED-certified office buildings, the property
also includes 45,137 square feet of retail space that is connected to the
parking garage of the third building.
Once completed, the Granite Park development is set to
include more than 2.5 million square feet of office space along with the
300-room hotel, retail shops and a variety of restaurants.
The HFF team representing the borrower was led by senior
managing director Trey Morsbach, associate director Jim Curtin
and real estate analysts Michael Cosby and Michael George.
Granite Properties, Inc. is a diversified real estate
investment and management company with offices in Atlanta, Dallas, Denver, and
Houston.
Since its inception in 1991,
Granite has acquired and developed approximately 14 million square feet of real
estate and currently owns and manages an extensive portfolio, including nearly
nine million square feet of office, industrial and retail properties in several
states.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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