Pacific Life Insurance Company has provided a $41.5m construction-to-permanent loan to Billingsley Company to build 7-eleven’s corporate headquarters at the Texas-based developer’s Cypress Waters community in Irving, Texas.
The 12-year construction-to-permanent loan, arranged by HFF, backs the development of a 325,000 sq ft office campus set across 21.6 acres.
Trey Morsbach, senior managing director with HFF, noted that construction-to-permanent loans allow borrowers to lock in interest rates.
“These loans allow long-term borrowers to hedge their interest rate risk,” he told Real Estate Capital.
The Cyprus Waters master-planned community, designed by Corgan architects, is a 1000-acre waterfront development with retail, office and multifamily housing. Other major tenants at Cyprus Waters include British Telecom and CoreLogic.
It is located in the central part of the Dallas-Fort Worth Metroplex, one of the most heavily populated metropolitan regions in Texas, rich in skyscrapers, corporate offices, restaurants and night clubs.
Billingsley started acquiring the land to develop Cyprus Waters back in 2003. The developer also constructed the retailer’s current headquarters at One Art Plaza in downtown Dallas.
In December HFF arranged a $61.75m loan from Pacific Life Insurance for developing Exhibit, a residential luxury tower in Lower Manhattan. And in September the brokerage arranged another financing (for an undisclosed amount) through Pacific Life for Woodbranch Investments to develop Market Square Park in Houston, Texas, a 40-story mixed-use tower including 663 units of luxury residential units and 21,000 sq ft of retail space.