HFF Secures $80M for Live-Work-Play Community in Dallas
- Feb 03, 2016
Dallas—HFF has recently secured $80 million in financing for a mixed-use 560,468-square-foot property in Dallas. Located at 5307 East Mockingbird Lane, Mockingbird Station features a blend of multi-housing, retail and office.
Completed in 2001, Mockingbird Station comprises 211 loft-style apartments, nearly 150,000 square feet of Class A office space, which had a 94.4 percent occupancy at the time of sale, nearly 200,000 square feet of retail space 91.8 percent leased to tenants such as Angelika Film Center, West Elm, Urban Outfitters, Ann Taylor and Starbucks, as well as a mix of more than 1,200 additional surface and garage parking spaces for the retail/office components.
Mockingbird Station is situated on a nearly 9-acre site adjacent to the Mockingbird Station Dallas Area Rapid Transit (DART) light rail station and North Central Expressway. The property is also located across the freeway from Southern Methodist University and is centrally placed between the city’s most affluent neighborhoods, including Highland Park, University Park and Lake Highlands.
HFF placed a long-term, fixed-rate acquisition financing through Cornerstone Real Estate Advisers, acting on behalf of an institutional client. The firm’s debt placement team was led by Associate Director Michael Cosby and Senior Managing Director Wally Reid. HFF also assisted in the sale of the property to the borrower in late 2015.
Images courtesy of Mockingbird Station