$190 million financing for Fountain Place in Dallas secured by HFF
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $190 million in financing for Fountain Place, a 1.2-million-square-foot, Class A office tower in Dallas, Texas.
HFF worked on behalf of the borrower, Goddard Investment Group, to secure the financing through AIG Investments. The $190 million loan was broken into two components, a $100 million, initial seven-year, fixed-rate loan and a $90 million floating-rate loan. Proceeds are being used to take out the existing financing and fund tenant improvements/leasing commissions plus capital expenditures for the construction of a new parking garage and interior renovations. HFF was also involved in the sale of the property to Goddard in 2014.
Fountain Place is located at 1445 Ross Avenue in the Dallas Arts District close to Klyde Warren Park. The 58-story tower was designed by architect I.M. Pei and features a water garden by renowned landscape architect Dan Kiley called “The Fountain Plaza” at its base. It is one of only three LEED Gold Certified Class A buildings in downtown Dallas and also includes an adjacent 1.5-acre development site that can be developed into above grade parking. Fountain Place is 86 percent leased to tenants including Tenet Healthcare, Hunton & Williams and Wells Fargo Bank, N.A.
HFF’s debt placement team representing the borrower was led by senior managing director John Brownlee, managing director Steve Heldenfels and director Jim Curtin.
About Goddard Investment Group
Goddard Investment Group was founded in 2000 and is headquartered in Atlanta, with a regional office in Dallas. The company has acquired and managed approximately 12 million square feet of commercial property, and currently has investments in Atlanta, Dallas, Denver, Miami and Tampa. Goddard Value-Add Office Fund I, L.P. is a discretionary, commingled, institutional fund sponsored by Goddard Investment Group.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.