HFF secures $110 million refinancing for 7-building office portfolio in the Dallas area
DALLAS, TX – July 19, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $110 million refinancing for a seven-building office portfolio totaling 801,153 square feet in the North Dallas-area communities of Plano and Carrollton, Texas.
Representing the Billingsley Company, HFF secured a three-year, floating-rate, non-recourse loan with two one-year extension options through Ares Commercial Real Estate Corporation (NYSE: ACRE). Proceeds of the loan will be used to refinance the existing debt and fully stabilize the property.
The portfolio buildings are located at 4000, 4120, 4100, 6400, 6404, 6500 and 6504 International Parkway within the International Business Park, a 50-acre office park located in Plano and Carrolton. The buildings are situated near the northwest intersection of two of the most heavily trafficked highways in the Dallas-Fort Worth area, The Dallas North Tollway and President George Bush Turnpike. Completed between 1997 and 2001, the two- and three-story buildings are 87 percent leased. The portfolio features 24-hour security, on-site management and maintenance, a health club, café, gas grills for corporate and campus events and an abundance of green spaces.
The HFF debt placement team representing the borrower was led by senior managing director Trey Morsbach and senior director Jim Curtin.
About Billingsley Company
Billingsley Company is a land development and property management company headquartered in Dallas, Texas. Billingsley develops and holds a variety of properties, from office, industrial and flex to retail and multi-family homes, as well as build to suit opportunities. Learn more at billingsleyco.com.
About Ares Commercial Real Estate Corporation
Ares Commercial Real Estate Corporation (“ACRE”) is a specialty finance company primarily engaged in originating and investing in commercial real estate loans and related investments. Through its national direct origination platform, ACRE provides a broad offering of flexible and reliable financing solutions for commercial real estate owners and operators. ACRE originates senior mortgage loans, as well as subordinate financings, mezzanine debt and preferred equity, with an emphasis on providing value added financing on a variety of properties located in liquid markets across the United States. ACRE elected and qualified to be taxed as a real estate investment trust and is externally managed by a subsidiary of Ares Management, L.P. (NYSE:ARES), a publicly traded, leading global alternative asset manager with approximately $100 billion of assets under management ("AUM") as of March 31, 2017. For more information, please visit arescre.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.