JV Group Secures Construction Loan for CityPlace in Texas

HFF arranges construction loan for first office building in CityPlace at Springwoods Village in Spring, Texas.
Cityplace Texas

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.