Mac Haik Development LLC will break ground on Energy Tower II inthe Energy Plaza Office Park at Interstate 10 and Kirkwood Road inFebruary. The project will be completed by fall 2009, at which timeTechnip USA will begin its long-term lease for 376,000 sf.

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John Burke, senior vice president and managing director inHouston for Minneapolis-based NorthMarq Capital Inc., says theprelease was particularly attractive to Wachovia Corp. inCharlotte, NC and Guaranty Bancshares Inc. of Mt. Pleasant, TX.Guaranty also helped to finance the development of the 339,559-sfEnergy Tower I at 11700 Old Katy Rd.

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"Having the tenant influenced the price and influenced the typeof loan the borrower obtained," Burke says. "These days, lendersare more comfortable with loans in increments of $35 million to $40million rather than the larger loans of $85 million to $100million." The interest-only, floating-rate loan has a 36-month termwith two 12-month option extensions.

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Also in Mac Haik's favor was the success of Energy Plaza I,which was completed and sold a few years ago, according to Burke."They'd built that one on time, fully leased it up on schedule andultimately sold it for a large profit to Franklin Street," he tellsGlobeSt.com. "It proved the borrower could be successful in afull-cycle deal."

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Burke says the developer already has plans for Energy PlazaOffice Park's third phase, which will include a hotel. NorthMarq isarranging financing for the project.

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