Los Angeles, CA – October 1, 2018 – Canyon Partners Real Estate LLC® (“Canyon”) has provided $16.7 million of preferred equity to a joint venture with Bright Realty LLC to finance the ground-up construction of The Realm at Castle Hills Office, a nine-story, 235k square foot office tower with ground floor retail space designed for restaurant tenants in the market-leading Upper Tollway submarket of far north Dallas.
The Realm at Castle Hills Office is the cornerstone of The Realm at Castle Hills mixed-use development, the first commercial phase of Castle Hills, an existing 2,900-acre award-winning residential and golf course community first established by Bright Realty in 1997. When complete, The Realm at Castle Hills will include 1.5 million square feet of multifamily, retail, office, restaurant and entertainment space, along with an extensive hike and bike trail system connecting Castle Hills and The Realm, creating a vibrant, urban live-work-play environment.
“This is a very exciting lifestyle focused development in one of the country’s fastest growing job markets where the demand for walkable, mixed-use communities is skyrocketing,” said Eric Stanley, Bright Realty President and COO. “We are very pleased that Canyon has engaged with us, as they share a successful history of office investment and a dedication to high quality developments like The Realm at Castle Hills.”
Canyon has a long track record of deploying capital across the office sector. Over the past five years, Canyon has made over $500 million of debt and equity investments, supporting the financing of over $1.3 billion of office assets.
Construction of The Realm at Castle Hills Office began in April 2018 and is expected to be completed by year-end 2019. Colliers International is currently leasing the office space, and Bright Realty is marketing the retail space.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with $24.6 billion in assets under management. Over the last ten years, Canyon has invested more than $4.5 billion of debt and equity capital across 160+ transactions capitalizing approximately $11 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 27 years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts).
For more information visit: www.canyonpartners.com.
About Bright Realty
Headquartered in Castle Hills, Bright Realty specializes in residential and commercial land development, including master-planned communities, office, retail and mixed-use lifestyle centers. The company is a full-service real estate firm offering services such as land brokerage; customized property management and accounting; leasing advisory services; owner and tenant representation; project management; asset disposition; golf course operations; and landscape services.
(914) 686 5599