HFF recently secured a $110 million refinancing for a seven-building office portfolio in the North Dallas area. Working on behalf of the Billingsley Co., HFF placed the three-year, floating-rate, non-recourse loan with two one-year extension options with Ares Commercial Real Estate Corp. Loan proceeds will be used to refinance existing debt and fully stabilize the properties located in Plano and Carrollton, Texas.
The office portfolio consists of seven buildings located at 4000, 4120, 4100, 6400, 6404, 6500 and 6504 International Parkway, withing the 50-acre International Business Park. The office complex provides easy access to two of the most heavily trafficked highways in the DFW area–The Dallas North Tollway and President George Bush Turnpike. At the time of the refinancing, the two- and three-story buildings completed between 1997 and 2001 were 87% occupied. Amenities include 24-hour security, on-site management and maintenance, a health club, a cafe, meeting and event space, as well as green spaces.
According to Yardi Matrix data, Billingsley sold the International Business Park back in 2007 to Thompson National Properties, but continues to manage the property. Dallas News reports that Billingsley is currently developing the Cypress Waters mixed-use project on LBJ Freeway and Belt Line Road, as well as the Austin Ranch project south of State Highway 121.