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PRP Real Assets and Riyad Capital secure $250M refi for Irving office
The deal is a two-year, interest-only CMBS loan with three one-year extension options, refinancing a 2019 note that matures in 2029.
PRP Real Assets and Riyad Capital have secured a $250 million CMBS loan to refinance 777 Hidden Ridge, a 1.1 million-square-foot office property in Irving, Texas, according to ConnectCRE.
The refinancing loan, originated by Bank of America, is structured as a two-year, interest-only note, with three one-year extension options, the outlet reported.
ConnectCRE said the prior debt included a $253.8 million note issued by Citizens Financial Group in 2019, scheduled to mature in 2029.
The 10-story building, completed in 2019 on a build-to-suit basis for Pioneer Natural Resources USA Inc., was acquired by PRP and Riyad that same year, and Pioneer previously signed a 20-year, triple-net lease set to run until 2039, with no early termination rights; ConnectCRE added that Pioneer has left the building but must fulfill lease obligations and is looking to sublease the space.