Harwood scored a major win for its upcoming trophy office project coming off of a year marred by distress.
Gabriel Barbier-Mueller’s Dallas-based firm landed a $100 million construction loan for Harwood No. 15, Traded first reported. TPG Capital provided the financing. Harwood didn’t immediately respond to a request for comment.
The 23-story, 340,000-square-foot office project will rise at 3008 North Harwood Street in the firm’s namesake Harwood District, which is situated between Uptown and downtown Dallas. Harwood No. 15 will feature a sky garden, rooftop restaurant and gym. A state filing last November showed the project was expected to cost $120 million, with a projected completion date of June 2027.
Law firm Jones Day has already signed a 73,000-square-foot lease at the new building. Jones Day has leased space at Harwood 3 since 1999.
The construction loan is positive news for Harwood, which has struggled to stabilize its office portfolio in the last year.
Harwood narrowly missed losing Saint Ann Court (Harwood No. 6), at 2501 North Harwood Street, to foreclosure in January with a midnight-hour recapitalization deal. The property had been scheduled for auction after the firm defaulted on the $138 million mortgage tied to the asset.
Just three months later, lender San Francisco-based Spear Street Capital took back the keys to the 221,000-square-foot Harwood No. 4 via a $73 million credit bid.
Deed records show Spear Street had purchased the building’s mortgage from Affinius Capital Management days earlier. Harwood allegedly defaulted on the $80 million mortgage tied to the 20-story office building at 2828 North Harwood Street .
In May, the firm tapped Newmark to help it find equity partners and debt for the next phase of Harwood District.
The 30-acre mixed-use district is situated at the epicenter of Y’all Street activity, just blocks from Parkside Uptown, the building by KDC and Pacific Elm that will be home to Bank of America, and Hunt Realty’s NorthEnd, which will include a campus for Goldman Sachs.
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