Beal Bank announced that it has originated a construction and permanent loan of $619.45 million to a development venture for the construction of a mixed-use development in the Knox Street neighborhood of Dallas, Texas, next to Katy Trail and near Highland Park. The world-class destination development, expected to open in 2026, is a project of MSD Partners, Trammell Crow Company, Highland Park Village Associates and The Retail Connection. JLL Capital Markets served as financial advisor to the borrower group in connection with the construction financing.
“We are pleased to have worked with the development team to complete a loan for this one-of-a-kind project. This financing helps ensure this exciting project will generate dynamic new opportunities for this prime real estate in one of the country’s most rapidly developing and prosperous areas,” said Anthony Sassine, executive managing director of Beal Bank’s wholly owned commercial lending subsidiary.
When completed, the project will cover 4 acres and one million square feet of prime, upscale, mixed-used retail, office, hotel and residential space, including a 140-key Auberge Resorts Collection luxury hotel, 48 ultra-luxury high-rise for-sale condominium units, 150,000 square feet of Class AA boutique office space, a 173-unit Class A+ multifamily tower and 100,000 square feet of ground floor and second story retail and restaurant space surrounding a park with direct access to the Katy Trail.
