Jul
23
Billingsley Lands $110M in Dallas Office Refi
ByHFF secured the three-year loan through Ares Commercial Real Estate Corp. The seven buildings are located in Plano and Carrollton.
Dallas-based Billingsley Co. has refinanced a seven-building office portfolio totaling 801,153 square feet at the International Business Park located in Plano and Carrollton, Texas, through a $110 million loan secured by HFF. The company arranged the three-year, floating-rate, non-recourse loan with two one-year extension options through Ares Commercial Real Estate Corp.
Proceeds of the loan will be used to refinance the existing debt and fully stabilize the property. The new financing replaces a $102.5 million CMBS loan placed Oct. 1, 2007, through Wells Fargo Bank that was originated by Bank of America and was due to mature in October of this year, according to Yardi Matrix data…
