Harwood International saved its headquarters with a midnight-hour recapitalization deal.
The developer reached a deal with Life Company to recapitalize Saint Ann Court, the 25-story centerpiece of the Harwood District at 2501 N. Harwood Street.
With the fresh financing, Harwood repaid the $138 million mortgage on the property, it said in a news release.
The property was scheduled to be sold at a foreclosure auction on Jan. 7 after Harwood defaulted on the mortgage, according to a foreclosure notice.
News of the deal comes less than three months after Atlanta-based Cousins Properties purchased the property’s mortgage from New York-based investor KKR Real Estate, according to an SEC filing.
The firm developed the 25-story building in 2009. It spans 320,000 square feet, putting the debt at $431 per square foot. The property is valued at $156 million, according to appraisal district records.
The recapitalization deal is the cherry on top of what Harwood called “an extraordinary year.”
It leased more than 340,000 square feet of office space and continued with plans to develop Harwood No.15, which is expected to start construction this year.
The Harwood District spans 19 blocks in Dallas’ Uptown neighborhood, a popular destination for companies looking to upgrade their office space.
It’s an even hotter investment opportunity now that some of the world’s largest banks are planting flags in the popular neighborhood adjacent to downtown Dallas.
“Y’all Street,” Texas’ answer to Wall Street, is taking shape in Uptown with the development of NorthEnd, a Hunt Realty project that will include a $500 million campus for Goldman Sachs, and Parkside Uptown, a Pacific Elm building that will house Bank of America.
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