HIG Realty Closes $98M West Dallas Redevelopment Loan
- Feb 10, 2021
HIG Realty Partners has arranged $97.6 million in financing for Pegasus Park, a five-building redevelopment project in Dallas. Axos Bank is the lender, according to county records. The loan bears a variable interest rate.
The 23-acre redevelopment is a joint venture between J. Small Investments and local entrepreneur Lyda Hill. J. Small acquired Pegasus Park from Exxon Mobil in 2015 and partnered with Hill in 2019 to develop an incubator for business, biotech and philanthropic startups.
The 661,000-square-foot project is 60 percent preleased, and nonprofit organizations will occupy 150,000 square feet at the campus. Previously signed tenants include BioLabs and Exxon. Common-area amenities include a fitness center, restaurant and conference facilities.
Located at 3000 Pegasus Park Drive, the project is within 1 mile of UT Southwestern Medical Center. The asset is also 15 miles from DFW International Airport and 5 miles from downtown Dallas.
This past October, HIG Realty originated a $48.7 million development loan for a 94,082-square-foot creative office project in Los Angeles. The property is scheduled for a 2022 completion.
The Metroplex’s office market remains fairly stable, despite current economic conditions at the national level. Data from the Bureau of Labor Statistics indicate the metro’s office-using jobs increased by 3 percent year-over-year through November, even as nationally those same sectors fell by 3.4 percent.