Atlanta-based Goddard Investment Group has secured a $190 million refinancing loan for Fountain Place, a 58-story high-rise in downtown Dallas. Proceeds are being used to take out the existing financing and fund tenant improvements/leasing commissions plus capital expenditures for the construction of a new parking garage and interior renovations.
Holliday Fenoglio Fowler, L.P. (HFF) secured the financing for Goddard through AIG Investments. HFF was also involved in the sale of the property to Goddard in 2014. The $190 million loan was broken into two components, a $100 million, initial seven-year, fixed-rate loan and a $90 million floating-rate loan.
Fountain Place is a 1.2-million-square-foot, Class A office tower located at 1445 Ross Avenue in the Dallas Arts District close to Klyde Warren Park. The building was designed by architect I.M. Pei and features a water garden by renowned landscape architect Dan Kiley called “The Fountain Plaza” at its base. It is one of only three LEED Gold Certified Class A buildings in downtown Dallas and also includes an adjacent 1.5-acre development site that can be developed into above grade parking.
The property is 86 percent leased to tenants including Tenet Healthcare, Hunton & Williams and Wells Fargo Bank, N.A.
Image courtesy HFF