Granite Properties has successfully secured both construction funding and an equity partnership for the next phase of the Granite Place development in Southlake.
According to records from Tarrant County, JLL Capital Markets served as a facilitator of the deal, which resulted in Bank OZK providing a mortgage of $39 million.
N5B Capital joined Granite as a partner in their joint venture to develop Southlake Town Square’s Granite Place II. The project will include 143,500 square feet of Class AA commercial space in the Dallas-Fort Worth suburb of Southlake.
N5B Capital will also relocate its offices to the new facility, which is scheduled to be finished in early 2023. The company makes acquisitions for the Jones family, founders of Westlake-based Goosehead Insurance.
The construction financing constituted Granite and Bank OZK’s fourth business transaction together. In April, the lending institution reached a deal to take up four floors within Granite’s 23Springs, a development in Uptown, Dallas, with 626,215 square feet.
Bank OZK secured construction financing for the skyscraper, which has 26 stories and is scheduled to become operational in March 2025.
Granite Place II was the second phase of a project developed by a Plano-based company, and construction on the project began in March. Corgan Associates is the architect for the project, while DPR Construction is the general contractor.
The wing now being constructed at 601 State Street is designed to meet the criteria for LEED and Fitwel certificates. In addition to a corporate living room and fitness center, the five-story office complex will feature an open-air and a work conference area inside a landscaped courtyard.
A leasing team is now marketing Granite Place II with Senior Director for Corporate Leasing Robert Jimenez and leasing managers Elizabeth Fortado and Burson Holman. The early stages of the office complex have already been completely leased out.
N5B Capital CEO Mark Jones said, “We are delighted to locate our headquarters in Granite Place II. We look forward to a long and successful relationship with Granite Properties on future projects.”
According to CommercialEdge, tenants at Granite Place I include Wells Fargo Advisors, Regus, and Baker Avenue Wealth Management.