Reid Properties Inc. of Plano got a sub-6% fixed interest rate from Bank of America CMBS Capital Markets in 10-year permanent financing to replace construction capital for the two-year-old, 95%-leased buildings at 6905-6915 K Ave., Jason Pumpelly, associate director in Dallas for Houston-based Holliday Fenoglio Fowler LP, tells GlobeSt.com.
The Legacy Central Business Park is a 105,000-sf industrial development designed with 2,000-sf bays. Its Collin County positioning just east of US Highway 75 in the northeastern section of one of the state's fastest growing towns, the target tenants' market and the new buildings' lease-up pace opened the lenders' door for the roll from a mini-perm, as did the developer Robert G. Reid's 30-year track record, according to Pumpelly.
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