{"id":1004584355,"date":"2022-06-07T03:27:13","date_gmt":"2022-06-07T11:27:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004584355"},"modified":"2022-12-08T18:37:59","modified_gmt":"2022-12-09T02:37:59","slug":"granite-properties-lands-financing-equity-for-dfw-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/granite-properties-lands-financing-equity-for-dfw-project\/","title":{"rendered":"Granite Properties Lands Financing, Equity for DFW Project"},"content":{"rendered":"
\"Granite<\/a>

Granite Place I & II at Southlake Town Square. Rendering courtesy of Granite Properties<\/p><\/div>\n

Granite Properties<\/strong> has secured construction financing as well as an equity partner for the next phase of Granite Place in Southlake, Texas. JLL Capital Markets <\/strong>facilitated the transaction, in which Bank OZK <\/strong>provided a $39 million mortgage, Tarrant County records show.<\/p>\n

N5B Capital<\/strong> became Granite\u2019s joint venture partner at Granite Place II at Southlake Town Square, which will encompass 143,500 square feet of Class AA office space in the Dallas-Fort Worth suburb.<\/p>\n

N5B Capital will also move its headquarters to the new building, which is expected to be delivered in early 2023.<\/p>\n

A deepening partnership<\/h2>\n

The construction financing marked the fourth deal between Granite and Bank OZK. In April, the lender agreed to occupy four floors<\/a> within Granite\u2019s 23Springs, a mixed-use development totaling 626,215 square feet in Uptown Dallas. Bank OZK also provided construction financing for the 26-story tower anticipated to come online in March 2025.<\/p>\n

The Plano-based developer broke ground<\/a> on Granite Place II in March, with a development team that includes Corgan Associates<\/strong> as the architect and DPR Construction<\/strong> acting as general contractor.<\/p>\n

Taking shape at 601 State St., the five-story story addition is designed to achieve both LEED and Fitwel certifications. The office building will offer an open-air work and meeting area within a landscaped courtyard, a corporate living room and a fitness center, among other amenities.<\/p>\n

While the initial phase of the office complex is fully leased, a Granite leasing team including Senior Director of Corporate Leasing Robert Jimenez and Leasing Managers Burson Holman and Elizabeth Fortado is marketing Granite Place II.<\/p>\n

The tenant roster at Granite Place I includes Wells Fargo Advisors, Regus and Baker Avenue Wealth Management, according to CommercialEdge. As of April, the office vacancy rate across the Metroplex<\/a> remained flat month-over-month, plateauing at 17.3 percent, CommercialEdge data shows. The figure remained behind the national average of 15.7 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

N5B Capital will relocate its headquarters to the new building.<\/p>\n","protected":false},"author":1763,"featured_media":1004569558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21782,22251,21742,21747],"tags":[41597,35877,44006],"class_list":["post-1004584355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-development","category-in-focus","category-latest","category-office","tag-bank-ozk","tag-granite-properties","tag-jll-capital-markets"],"acf":[],"yoast_head":"\nGranite Properties Lands Financing, Equity for DFW Project - CPE<\/title>\n<meta name=\"description\" content=\"Granite Properties secured N5B Capital as an equity partner as well as a new tenant for its underway development in Southlake, Texas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/granite-properties-lands-financing-equity-for-dfw-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Granite Properties Lands Financing, Equity for DFW Project\" \/>\n<meta property=\"og:description\" content=\"Granite Properties secured N5B Capital as an equity partner as well as a new tenant for its underway development in Southlake, Texas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/granite-properties-lands-financing-equity-for-dfw-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-07T11:27:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:37:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Granite-Place-II-e1646222036976.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"933\" \/>\n\t<meta property=\"og:image:height\" content=\"699\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/granite-properties-lands-financing-equity-for-dfw-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/granite-properties-lands-financing-equity-for-dfw-project\/\",\"name\":\"Granite Properties Lands Financing, Equity for DFW Project - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/granite-properties-lands-financing-equity-for-dfw-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/granite-properties-lands-financing-equity-for-dfw-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Granite-Place-II-e1646222036976.jpg\",\"datePublished\":\"2022-06-07T11:27:13+00:00\",\"dateModified\":\"2022-12-09T02:37:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/bd1ef74130b86a7c6013eaa04b08b28d\"},\"description\":\"Granite Properties secured N5B Capital as an equity partner as well as a new tenant for its underway development in Southlake, Texas.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/granite-properties-lands-financing-equity-for-dfw-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/granite-properties-lands-financing-equity-for-dfw-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/granite-properties-lands-financing-equity-for-dfw-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Granite-Place-II-e1646222036976.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Granite-Place-II-e1646222036976.jpg\",\"width\":933,\"height\":699,\"caption\":\"Granite Place I & II at Southlake Town Square. 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