Dallas Office Development Receives Financing
HFF has secured a two-year construction loan for the development of a Class A office building within Dallas' Cypress Waters master-planned community.
By Keith Loria, Contributing Editor
Rendering of Cypress Waters master-planned community, Dallas
Dallas—Billingsley Company is developing a 325,600-square-foot, built-to-suit, Class A office development for CoreLogic in the Cypress Waters master-planned community in Dallas, Texas.
HFF has secured a fixed-rate construction/perm loan with Regions Bank for the developer. The financing includes a two-year construction loan plus multiple extension options.
This marks the fourth financing HFF has secured for Dallas-area developments for Billingsley in the last year, including arranging the construction loan for 7-11’s corporate headquarters within Cypress Waters.
The Cypress Waters master planned community is a 1,000-acre waterfront development with office, multifamily and retail in the central part of the Dallas-Fort Worth Metroplex.
Once completed the four-story property will be fully leased to CoreLogic.
Located on 20.85 acres at the intersection of Hackberry Road and Ranch Trail, the property is positioned along the LBJ Expressway (Interstate 635) corridor less than three miles from the north entrance of DFW International Airport.
According to Colliers’ latest Dallas/Fort Worth Office Market Report, corporate migration is driving the office market in the area. At the end of the fourth quarter 2015, office inventory in the DFW Office Market consisted of 314,102,124 square feet in 4,191 buildings, with Class A totaling 137,758,099 square feet in 514 buildings.
The building is expected to be finished in April of 2017.
The HFF debt placement team representing the borrower was led by Senior Managing Director Trey Morsbach and Director Jim Curtin.
Image courtesy of Billingsley Co.
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