PLANO, TX-Working on behalf of developer Granite Properties Inc. HFF arranged $120 million in cross-collateralized financing for Granite Park I, II and III. HFF placed the 10-year, fixed-rate loan with MetLife Real Estate Investors; funds from the transaction were used to refinance an existing loan with the lender.
The 90-acre Granite Park is at the intersection of the Dallas North Tollway and SH 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.
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.
Construction recently began on a fourth office building and a 300-room hotel in Granite Park as of spring 2013. In addition to the LEED-certified office buildings, the property 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.
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