Bank of the Ozarks has provided a three-year, floating-rate, $73.5 million construction loan for the development of Frost Tower Fort Worth, a 278,000 sq ft office tower in downtown Fort Worth, Texas.
The borrower is Anthracite Realty Partners, an affiliate of Jetta Operating Company, which plans to complete the project by December 2017.
Frost Tower Fort Worth will be a 25-story tower with ground floor retail and more than 900 above and below grade parking spaces. The property is 56 percent pre-leased: Frost Bank will be the anchor tenant and Jetta Operating Company will move its corporate headquarters into the building.
The development site is situated on three quarters of a city block, at Taylor and 5th Streets, adjacent to Sundance Square in downtown Fort Worth. Nearby cultural attractions include Bass Performance Hall, the Cultural Arts District, West 7th and the Fort Worth Stockyards.
Project amenities will include a sky lobby on the 12th floor with downtown views, high-tech C-level suites for senior executives, a fitness facility, café and outdoor terraces.
In October Bank of the Ozarks provided a $56.4 million construction loan for the development of NorthEdge, a Class A office property in the North Lake Union submarket of Seattle, Washington.
In May it was a $115m loan to finance the construction of an 11-story luxury residential condominium at 527 West 27th Street in the High Line district of Manhattan’s West Chelsea neighborhood.