{"id":1004809824,"date":"2026-08-24T04:37:25","date_gmt":"2026-08-24T12:37:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004809824"},"modified":"2026-08-24T05:29:54","modified_gmt":"2026-08-24T13:29:54","slug":"bank-of-america-to-issue-250m-loan-for-dallas-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bank-of-america-to-issue-250m-loan-for-dallas-office-building\/","title":{"rendered":"$250M CMBS Loan Eyed for Dallas Office Asset"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a8c6243065aa&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004809825\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bank-of-america-to-issue-250m-loan-for-dallas-office-building\/the-prp-real-assets-and-riyad-capital-777-hidden-ridge\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/The-PRP-Real-Assets-and-Riyad-Capital-777-Hidden-Ridge.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The PRP Real Assets and Riyad Capital 777 Hidden Ridge\" data-image-description=\"&lt;p&gt;Proprietary image obtained from Yardi Matrix&#8217;s database.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;KDC and Verizon brought 777 Hidden Ridge online on a build-to-suit basis for Pioneer in 2019. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/The-PRP-Real-Assets-and-Riyad-Capital-777-Hidden-Ridge.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/The-PRP-Real-Assets-and-Riyad-Capital-777-Hidden-Ridge.jpg\" alt=\"Exterior shot of 777 Hidden Ridge, an office property in Irving, Texas.\" class=\"wp-image-1004809825\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/The-PRP-Real-Assets-and-Riyad-Capital-777-Hidden-Ridge.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/The-PRP-Real-Assets-and-Riyad-Capital-777-Hidden-Ridge.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">KDC and Verizon brought 777 Hidden Ridge online on a build-to-suit basis for Pioneer in 2019. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture between The PRP Real Assets and Riyad Capital is on track to secure a $250 million CMBS loan to refinance 777 Hidden Ridge, a 1.1 million-square-foot office property in Irving, Texas, according to a <a href=\"https:\/\/dbrs.morningstar.com\/research\/487674\/bamll-commercial-mortgage-securities-trust-2026-777hr-presale-report\" data-type=\"link\" data-id=\"https:\/\/dbrs.morningstar.com\/research\/487674\/bamll-commercial-mortgage-securities-trust-2026-777hr-presale-report\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Morningstar | DBRS presale report<\/a>. Newmark appraised the asset at $371 million in June.<\/p>\n\n\n\n<p>Bank of America will originate the two-year, interest-only note with three one-year extension options. Previous debt includes a $253.8 million note issued by Citizens Financial Group in 2019, set to mature in 2029, according to Yardi Matrix data.<\/p>\n\n\n\n<p>KDC and Verizon completed the building in 2019, developed on a build-to-suit basis for Pioneer Natural Resources USA Inc. That same year, PRP and Riyad acquired the asset.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-commercial-mortgage-lenders-and-brokerage-firms\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/top-commercial-mortgage-lenders-and-brokerage-firms\/\">Largest Commercial Real Estate Lenders<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Pioneer had inked a 20-year, triple-net lease set to run until 2039 with a current rate of $32.8 per square foot and a 1.75 percent yearly rent growth. The agreement has no early termination and no contraction rights throughout the remaining term.<\/p>\n\n\n\n<p>That\u2019s relevant as ExxonMobil acquired Pioneer for roughly $60 billion in 2024. Following that purchase, the employees at 777 Hidden Ridge were relocated to ExxonMobil\u2019s base of operations, a 3.8 million-square-foot campus that came online in 2014 on a 385-acre site in North Houston.<\/p>\n\n\n\n<p>Despite vacating the premises, Pioneer has full responsibility for the operations and maintenance of the building through the end of its lease and has more than $540 million in remaining rental obligations. The tenant is also looking to sublease the property, although potential deals are subject to fees and other strict criteria.<\/p>\n\n\n\n<p>The 10-story building has 125,000-square-foot floorplates and amenities such as a conference center, gym, coffee shop, on-site childcare, medical clinic and six-story parking garage with 2,569 spaces. Outdoor features comprise fishing ponds, walking trails and sport courts.<\/p>\n\n\n\n<p>The property is within the 12,000-acre Las Colinas master-planned development that includes commercial, residential, educational, recreational and retail spaces near the Dallas-Fort Worth International Airport. Neighboring corporate tenants include Verizon, Wells Fargo, McKesson and Kimberly-Clark.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rising-tenant-demand-attracts-more-financing-deals\">Rising tenant demand attracts more financing deals<\/h2>\n\n\n\n<p>Dallas\u2019 pro-business environment continues to attract new high-profile tenants. Last month, Morgan Stanley signed a 123,000-square-foot lease agreement at 1445 Ross Ave., part of the company\u2019s larger plan to expand in North Texas with a <a href=\"https:\/\/www.commercialsearch.com\/news\/dallas-approves-incentives-for-1-3b-morgan-stanley-office-project\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/dallas-approves-incentives-for-1-3b-morgan-stanley-office-project\/\">$1.3 billion office project<\/a>. Bank of America will also occupy 238,000 square feet at the 500,000-square-foot downtown Dallas project developed by KDC and Pacific Elm Properties, which is on track for completion next year.<\/p>\n\n\n\n<p>Rising demand from high investment-grade tenants led to more favorable underwriting conditions, a trend exemplified by the <a href=\"https:\/\/www.commercialsearch.com\/news\/crescent-lands-596m-for-dallas-office-campus\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/crescent-lands-596m-for-dallas-office-campus\/\">$596 million CMBS loan<\/a> obtained by Crescent Real Estate earlier this year. A 1.3 million-square-foot mixed-use property in Uptown, including office and retail space, serves as collateral for the note issued by Goldman Sachs and JP Morgan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A joint venture owns the seven-year-old suburban property.<\/p>\n","protected":false},"author":3471,"featured_media":1004809825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21825,21742,21747,51973],"tags":[33250,41030,34378,33619,33061],"class_list":["post-1004809824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-finance","category-latest","category-office","category-southwest","tag-bank-of-america","tag-benderson-development","tag-exxonmobil","tag-kdc","tag-verizon"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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