HFF Secures Construction Loan for TX Office Building
- May 16, 2017
The initial phase of a 60-acre mixed-use community in Spring, Texas is moving forward with financial help from American National Insurance Co. The project is being developed by a joint venture between Patrinely Group, USAA Real Estate and CDC Houston.
HFF has arranged a five-year, fixed-rate construction loan for CityPlace 2, the first office building to be developed within the CityPlace master plan. HFF’s debt placement team representing the borrower was led by Wally Reid, senior managing director, Cortney Cole, managing director, and Trent Agnew, director.
CityPlace is part of the larger 2,000-acre Springwoods Village master-planned mixed-use community located at the intersection of Interstate 45, the Grand Parkway and the Hardy Toll Road in northeast Houston.
Designed by Gensler and built by Harvey Builders, CityPlace 2 is scheduled for completion in 2018. The 327,000-square-foot Class A office building is 100 percent leased to American Bureau of Shipping, who will relocate its world headquarters from 16855 Northchase Drive in Houston. The initial phase of the project includes a second office building, also located at the eastern end of CityPlace, near a full service hotel, and a lakefront plaza.
CityPlace2 will also include 24,000 square feet of ground level retail space, as well as a restaurant and a parking garage for employees and visitors. Houston-based Transwestern is in charge of retail leasing operations.
When fully completed, CityPlace will feature 4 million square feet of Class A office space along with 400,000 square feet of integrated retail space. The site is located at Interstate 45, the Grand Parkway and the Hardy Toll Road in northeast Houston.
Rendering courtesy of Gensler