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Billingsley Co. refinanced seven office buildings in International Business Park. The $110M loan secured by HFF will be used to refinance existing debt and stabilize the property.
The three-year, floating-rate, non-recourse loan has two one-year extension options through Ares Commercial Real Estate Corp. The loan applies to offices at 4000, 4120, 4100, 6400, 6404, 6500 and 6504 International Parkway in Plano and Carrollton. In total, the portfolio is 87% leased. The buildings not included in the refinancing are at 4100 Midway Road, 4120 Midway Road, 6100 Plano Parkway and 6111 West Plano Parkway.
HFF Senior Managing Director Trey Morsbach and Senior Director Jim Curtin represented Billingsley.
International Business Park near Dallas North Tollway and President George Bush Turnpike has 1.2M SF of office space over 11 buildings and a retail strip with tenants such as LA Fitness and Starbucks. At build-out, the 300-acre park will have 35 buildings.
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