Dallas Office Complex Secures $36M Refi

By Holly Dutton

Heritage Square

Brookwood Heritage Square LLC has received $35.8 million to refinance a Class A office complex in Dallas. Thorofare Capital provided the short-term first mortgage debt loan to the company, an entity sponsored by Brookwood Financial Partners LLC, to refinance and stabilize its 368,214-square-foot asset.

Heritage Square I & II is comprised of two multi-tenant high-rise buildings situated 10 miles north of downtown Dallas at the northwest corner of Interstate 635 and the North Dallas Tollway. The complex, located at 4835 and 5001 Lyndon B. Johnson Parkway, has two parking garages with a total of 1,230 spaces and is bordered by a range of retail and lodging options, including the Dallas Galleria, a Sheraton hotel and luxury residential communities.

Amenities at the building include a conference center and a fitness center. Brookwood acquired the property in 2013. Completed in phases in 1978 and 1980, the buildings recently underwent renovations to add a suite of amenities for tenants.

The proceeds from Thorofare’s 36-month, interest-only financing will be used to repay a maturing loan and provide funds for tenant improvement, leasing commissions and capital expenditures at the 10- and 11-story buildings.

Thorofare Capital  has been busy lately, recently providing a $13 million loan for a Chicago retail asset and a $16 million bridge loan for a D.C.-area hotel.

Image courtesy of Thorofare Capital