Monday, July 1, 2013

HFF arranges $120 million financing for Granite Park in suburban Dallas, TX

   
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.

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. 

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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