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SOUTHLAKE, TX-With the $1.2 million in hand, a Dallas-area developer has just broken ground on a spec office project in Cornerstone Business Park in Southlake, TX. The Charleston Court Office Complex will consist of four garden-style buildings, totaling 20,000 sf.

The developer is bringing out the project as a neighbor to Mayan Plaza, a 35,000-sf undertaking he built in 1999. Charleston Court will roll out on about 1.6 acres as a first phase, with options on up to five more acres for two more stages of comparable product.

The identity of the developer, known for flying under the radar screen, is not being made public. All that is being said is he’s historically a holder of multifamily product, Todd McNeill, senior director for Metropolitan Capital Advisors Ltd. in Dallas, explains to GlobeSt.com.

McNeill’s more willing to talk about the deal, which he arranged, and the project. The interest-only construction loan with a floating interest rate above LIBOR carries a two-year term and was secured through BankDallas, according to McNeill. He didn’t disclose the spread above LIBOR, but did say the loan has a mini-permanent option at maturity. The project delivers in April 2003 in a turn-key fashion. The suites will range in size from 1,095 sf to 1,860 sf.

McNeill admits it wasn’t easy to sell a lender on spec office; some walked away as soon as they heard the words “spec office.” But, the amenities such as separate entrance, separate security and even separate restrooms turned the head of BankDallas, which naturally is familiar with the tony Southlake and was more than willing to sit down at a closing table with the developer.

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