North Texas developer Rex Glendenning secured a $17.5 million construction loan for part of his King Place development in Celina.
Through his G-Man Development LLC, Glendenning borrowed the funds from Louisiana-based b1Bank for a 78-acre lot of the King Place tract on Tuesday, according to public records.
The King Place subdivision, platted in 2023, officially spans over 400 acres just west of Celina, one of a few small towns along the Dallas North Tollway that are quickly swelling with the Metroplex’s northward growth. Other parcels adjoining King Place bring the total size of the area under Glendenning’s ownership to 600 acres.
The 78-acre lot secured by the loan is Block C, the southwesternmost of three blocks in the King Place plat. It abuts Dallas North Tollway and FM 428, recently named Glendenning Parkway. Unofficial plats don’t specify how the land will be used, but the development overall will include retail, offices, hotels and hundreds of single-family homes.
This financing is Glendenning’s largest loan on the King Place project in Collin County records so far.
Glendenning’s company, Rex Real Estate, has plans for nearby sites as well. The company is selling several mixed-use, commercial and retail plots within a few miles of King Place along the DNT and Glendenning Parkway.
Rex Real Estate did not immediately respond to a request for comment.
A Celina native, Glendenning has turned his holdings into some of the most noteworthy real estate deals in North Texas during his 40-year career, including the sale of The Star, the multibillion-dollar mixed-use headquarters of the Dallas Cowboys. His family’s land history began with a grant to his great-grandfather in the 19th century, the 160-acre germ of a now-vast operation.
King Place, which may become the site of Rex Real Estate’s headquarters, is Glendenning’s own contribution to a crowded pool of developments near Celina. Seitz Group, Hillwood, Cedarwood, the Celina Economic Development Corporation, Jerry Jones’ Blue Star Land, and Glendenning’s occasional partner Mehrdad Moayedi have all begun residential or commercial projects in the area.
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