Granite Properties Gets $73M in Financing for Uptown Office Building
- Feb 10, 2014
Granite Properties has obtained $73 million in financing for 17Seventeen McKinney, a 19-story, Class AA office property in Dallas.
Working on behalf of the owner, HFF secured a seven-year, fixed-rate loan through Regions Bank. Loan proceeds will be used to replace the original construction debt on the property, according to official statements.
The 369,014-square-foot signature tower is located at 1717 McKinney Ave., within close proximity to Dallas’ new Clyde Warren Park in the Uptown/Turtle Creek submarket. It shares a full city block with Gables at Park 17, a newly developed residential tower featuring 292 luxury apartment units. Both designed by Dallas-based Good Fulton & Farrell Architects, the properties sit atop a mixed-use podium with retail and restaurant space, a variety of vegetation and secured parking. Additional amenities include a state-of-the-art fitness center and outdoor pool in a park-like setting, a conference room, a 1,519-square-foot balcony on the 17th floor with breathtaking views, and on-site property management.
Completed in 2010, the office project was awarded LEED Gold certification by the U.S. Green Building Council.
17Seventeen McKinney is currently 95 percent occupied and boasts a diverse tenant base including Regions Bank, Huitt-Zollars, Red Bull North America, Top Golf, Clarion, American Airlines and Bain & Co.
The HFF team representing the borrower was led by senior managing director Trey Morsbach and associate director Jim Curtin.
Since its inception in 1991, Plano-based Granite has acquired and developed more than 20 million square feet of real estate and currently owns and manages an extensive portfolio, including more than 10 million square feet of office, industrial and retail properties in several states.
In Fort Worth news, the Star-Telegram reports that the city council unanimously approved a five-year tax abatement for the construction of a multi-family development to be located at 2521 Frazier Ave. in the Berry/University Neighborhood Empowerment Zone.
The complex is the second phase of a larger residential project kicked off in 2006 by Lincoln Properties. Dubbed Berkeley Apartments, the project included the phased development of 716 units, 406 units in Phase I and 310 units in Phase II, for a total investment of $78 million.
Ten percent of the units in each complex are reserved for persons with incomes at or below 80 percent of the Area Median Income.
The property owner reportedly agreed to invest an estimated $33.7 million to construct the new apartment complex.
Photo credits: 17Seventeen McKinney via Granite Properties