HFF arranges construction loan for first office building in CityPlace at Springwoods Village in Spring, Texas
HOUSTON, TX – May 10, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a construction loan for the development of CityPlace 2, a 327,000-square-foot, Class A office building that will be the first office building to be developed in CityPlace in Spring, Texas.
HFF worked on behalf of the borrower, a venture comprised of Patrinely Group, LLC; USAA Real Estate Company and CDC Houston Inc managed entity, to secure the five-year, fixed-rate construction permanent loan through American National Insurance Company headquartered in Galveston, Texas.
Due for completion in 2018, CityPlace 2 will be the first office building to be delivered within the larger 60-acre CityPlace mixed-use urban development that will feature more than four million square feet of Class A office, more than 600 units of luxury mid-rise residential, a 337-room full-service hotel and conference center, and more than 400,000 square feet of retail space including shops, restaurants and other entertainment options. 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. Adjacent to the new Exxon Mobil Corporation Campus and Southwestern Energy Company’s new headquarters campus, the property is also close to Bush Intercontinental Airport, The Woodlands and not far from Houston’s Central Business District. CityPlace 2 will feature 10 stories of office space that is 100 percent pre-leased to American Bureau of Shipping. The building will also feature 24,000 square feet of ground floor retail and dining and a parking structure for tenants and visitors.
The HFF debt placement team representing the borrower was led by senior managing director Wally Reid, managing director Cortney Cole and director Trent Agnew.
About Patrinely Group, LLC
Patrinely Group is a national real estate development company with a diverse portfolio including commercial office, luxury residential, mixed-use, high-rise condominiums, hospitality, and entertainment venues. Since 1983, Patrinely Group has developed some of the most successful properties in the nation and has completed nearly $7 billion in development. With Patrinely Group’s depth of experience, spanning 15 states, the company is a recognized leader in real estate development as evidenced by its proven 33-year record of accomplishment. For more information, visit patrinelygroup.com.
About USAA Real Estate Company
USAA Real Estate Company, with over $17 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors and arranges commercial mortgage loans on behalf of affiliates. The portfolio consists of office, industrial/logistics, multi-family, retail and hotel properties. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit usrealco.com.
About CDC Houston
CDC Houston, Inc. (a subsidiary of Coventry Development Corporation (New York) is an experienced land developer with expertise in creating mixed-use urban communities that foster smart and responsible growth for commercial and residential vitality. Coventry has provided development services for mixed-use projects in New York, Colorado, Texas and Guam over its 45-year history. In 2001, the company launched RidgeGate, also a sustainable, mixed-use community, in Lone Tree, Colorado which consists of 3,500 acres. For more information on CDC Houston, Inc.’s latest project, Springwoods Village, please visit: springwoodsvillage.com.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.