District 114 project breaks ground in Southlake, Texas
JLL Capital Markets arranges construction financing for the walkable mixed-use development
DALLAS, May 28, 2020 – JLL Capital Markets announced today that it has arranged construction financing for District 114, a four-story, mixed-use office building with ground floor retail totaling 94,990 square feet in Southlake, Texas.
Working on behalf of the borrower, Medici Development Partners, LLC, JLL placed the five-year, floating-rate construction loan with Happy State Bank & Trust.
Due for completion in the second quarter of 2021, District 114 will offer 69,878 square feet of office space and 25,112 square feet of retail space. The property will have average floor plates of 24,000 – 29,000 square feet and offer tenants a fourth-floor outdoor patio, a 322-space parking facility and direct access to Texas Independence Park featuring outdoor work and patio space. The 3.3-acre site is positioned within Kimball Park, a 17.58-acre, walkable mixed-use development that also includes a Cambria Hotel, The Office at Kimball Park and restaurant/retail space. Tenants at District 114 have access to the amenities at the adjacent Cambria Hotel and Conference Center, which include a fitness center, pool, restaurant, meeting facilities and executive boardrooms. The project is located in Southlake, an affluent suburb of Dallas and a corporate headquarters hub for many Fortune 1000 companies. District 114 has exceptional regional access to the entire Dallas Fort Worth Metroplex via State Highways 114 and 121 and is close to the Dallas Fort Worth International Airport, Southlake Town Square, Park Village and The Shoppes at Southlake.
The JLL Capital Markets team representing the borrower was led by Senior Director De’On Collins and Managing Director Steve Heldenfels.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Medici Development Partners, LLC
Medici Development Partners, LLC is a commercial real estate development and investment company based in Dallas/Fort Worth, Texas. MDP focuses on developing and investing opportunistically in the office, hospitality, and medical office industries across all levels of the capital structure.