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Houston Office Building Owners Ink $250M Refi
PRP Real Assets and Riyad Capital secured a $250 million CMBS loan to refinance 777 Hidden Ridge, a 1.1 million-square-foot office property in Irving, Texas.
Commercial Search reports that Bank of America originated the two-year, interest-only note with three one-year extension options. Previous debt includes a $253.8 million note issued by Citizens Financial Group in 2019, set to mature in 2029.
KDC and Verizon completed the building in 2019, developed on a build-to-suit basis for Pioneer Natural Resources USA Inc. That same year, PRP and Riyad acquired the asset.
Pioneer had inked a 20-year, triple-net lease set to run until 2039. The agreement has no early termination and no contractual rights for the remainder of the term. Pioneer has since left the building, but must fulfill the lease obligations. Pioneer is looking to sublease the space.
The 10-story building has amenities such as a conference center, gym, coffee shop, on-site childcare, medical clinic and six-story parking garage with 2,569 spaces.
- ◦Financing
