Maitland Management Lands Office Refinancing for Data Centers

Maitland Management landed $20 million in debt to support the technological overhaul of two North Dallas office buildings, poising them for data-center conversion. 

The Dallas-based firm arranged separate refinancing deals for The Meridian and NorthPointe Centre, office properties located east of Interstate 35, near Farmers Branch, the Dallas Business Journal reported. The transactions, arranged by Ari Raskas of ARZ Realty Capital, were finalized on Dec. 21 and Jan. 24. Details, including the lenders, were not disclosed.

Maitland plans to use the financing to upgrade the 10-story Meridian and eight-story NorthPointe buildings with infrastructure to support AI server farms and data centers, said Jimmy Hsueh, CEO of Maitland Management.  

The Meridian, at 2711 Lyndon B Johnson Freeway, was acquired by Maitland and New York’s Hudson International Group in 2022. The 227,000-square-foot property’s taxable value is $16.25 million, according to the Dallas Central Appraisal District. That’s $71 per square foot. 

The 161,200-square-foot NorthPointe Centre, at 12005 Ford Road, was acquired by Plano-based Maitland affiliate Chang Long Investment Corporation in 2021. It’s assessed at over $12 million, or $74 per square foot. 

Bradford Commercial Real Estate Services is overseeing leasing efforts at the buildings. 

The push to redevelop older office buildings into modern-day technology hubs has become a growing trend in real estate. Ray Washburne, for instance, plans to sell the former Dallas Morning News headquarters, at 508 Young Street, to a data center provider after failing to secure city support for a proposed entertainment district. 

Notable data center projects across Dallas-Fort Worth include Core Scientific’s $4 billion conversion in Denton and DataBank’s $256 million facility in Red Oak. 

Prime Data Centers is also committing $3 billion to construct facilities in southwest Fort Worth and Garland. Meanwhile, QTS Data Centers is moving forward with a $220 million development in North Fort Worth. 

— Andrew Terrell

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