Tuesday, March 15, 2011
HFF arranges $3.6 million financing for JP Realty Partners purchase of Atrium at Bent Tree in Addison, TX
DALLAS, TX – HFF announced today that it has arranged $3.6 million in financing on behalf of JP Realty Partners to fund their purchase of Atrium at Bent Tree (top left photo), a 112,607-square-foot office building in Addison, Texas.
HFF worked exclusively on behalf of Mark Jordan of JP Realty Partners to secure the fixed-rate loan to finance the purchase from CapMark. This is JP Realty Partners’ second purchase in the last year and a half in the Addison area.
According to HFF, this was an extremely quick turnaround as JP Realty Partners went under contract on March 2nd and closed only seven days later on March 9th, which is a testament to the strength of the borrower and the asset itself.
Atrium at Bent Tree is located at 16775 Addison Road close to the Dallas North Tollway and Addison Airport in Dallas’ Far North submarket. The property was renovated in 2008 and is currently 68 percent leased.
“We feel the property is well positioned to offer attractive lease terms, which in turn will facilitate the leasing process,” said Mark Jordan of JP Realty Partners.
The HFF team representing JP Realty Partners included managing director Steve Heldenfels and associate director Adam Herrin.
JP Realty Partners owns approximately 2,000,000 square feet of single entity assets. JP's portfolio consists of a variety of buildings that fall into several scenarios, from Class "A" office buildings leased to long-term credit tenants, to golf courses and/or country clubs.
Steve Heldenfels, HFF Managing Director, (214) 265-0880,
Adam Herrin, HFF Associate Director, (214) 265-0880, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,