Acore Capital Provides $125M Loan for Texas Office Building
Ryan Companies and Koch Real Estate Investments have secured a $125 million floating-rate loan to finance their acquisition and construction of Ryan Tower at Legacy West, an office building in Plano, Texas, Commercial Observer has learned.
Acore Capital provided the loan.
“The financing Acore Capital has provided propels us forward with the Ryan Tower project,” said Paul Rowsey, vice president of real estate development at Ryan Companies, “The pandemic changed the way people work, but [Dallas-Fort Worth] continues to draw on demand for office space and leasing activity has expanded significantly. Companies are gravitating toward Class A space in amenity-rich environments, positioning Ryan Tower for success with a 2024 delivery.”
Ryan Tower will be at 8101 Windrose Avenue, at the intersection of Sam Rayburn Tollway and Dallas North Tollway. The property will be a 23-story, 409,000-square-foot office building. Upon completion, the project will be an exclusive office development in the Legacy West submarket.
“The Dallas market has experienced a strong increase in population with many leading companies moving there, making it a good investment market,” said Kyle Jeffers, managing director and co-head of originations at Acore Capital. “That, along with excellent sponsorship and a 50 percent pre-leased building, gave us great confidence in making this construction loan.”
Emily Fu can be reached at firstname.lastname@example.org.