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$2.8M Loan Trips Green Light for Office Project

GRAPEVINE, TX-A local developer will break ground in 90 days on a second building phase to the Southwest Office Park. The 10,000-sf office project was "sold" to the lender on the fact that it's two-thirds leased and its sister buildings are filled to the max.

By Connie Gore | Updated on December 17, 2002

GRAPEVINE, TX-A multi-faceted $2.8-million loan is jumpstarting a second building phase in the Southwest Office Park, a development rising in a section of Grapevine near the Dallas-Fort Worth International Airport.

Two 10,000-sf buildings are up and the third is on its way. Ground will break in 90 days, Mark Winnette, senior director of Metropolitan Capital Advisors Ltd., tells GlobeSt.com.Borrower Philip Salyer of Grapevine has secured a package deal for a refinancing of the fully leased twin structures plus a 24-month construction loan through Americrest Bank of North Dallas.

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