Two 10,000-sf buildings are up and the third is on its way. Ground will break in 90 days, Mark Winnette, senior director of Metropolitan Capital Advisors Ltd., tells GlobeSt.com.Borrower Philip Salyer of Grapevine has secured a package deal for a refinancing of the fully leased twin structures plus a 24-month construction loan through Americrest Bank of North Dallas.
Winnette says the loan was "sold" on the fact that two buildings are fully leased and the third has tenants lined up for two-thirds of the office space. And, he points out, "there is enough debt service to cover it."
Southwest Office Park is situated along the Southwest Grapevine parkway. The garden-style buildings are designed for tenants from 2,500 sf to 10,000 sf. The second phase will deliver in fall 2003. There are another two acres waiting on the sidelines for a third construction phase.
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