Gables and Dallas-based Granite Properties have been preppingthe 2.2-acre site at 1717 McKinney Ave since April. Gables'plan calls for 292 rental units on 20 floors atop 14,000 sf ofretail while Granite's stake will be a 361,524-sf, 19-story officebuilding. The towers, with LEED certification as part of the plan,will be linked by a six-level parking garage and shared amenitydeck. The developers are eyeing delivery in April, possibly May,2010.

David Reece, senior vice president of finance and capitalmarkets for the Atlanta-based Gables, tells GlobeSt.com thatCharlotte, NC-based Wachovia is the lead lender, with Birmingham,AL-headquartered Compass Bank in a participating role. "Most bankstoday don't want to keep more than $30 million on their books," heexplains about the motivation for the split. Teams in Atlanta andHouston for Wachovia and Compass, respectively, arranged thefinancing.

[IMGCAP(2)]Reece says the financing package, which isLibor-based and has "a couple" extension options, took "three orfour months" to pull together. "It took a little bit longer becausewe had to participate it," he says, adding the shared amenity deckalso complicated the deal-making process. Wachovia was seated firstand then he brought Compass Bank to the table.