Harwood, a Dallas-based real estate firm led by Gabriel Barbier-Mueller, has secured a $100 million construction loan for its upcoming office project, Harwood No. 15. The financing was provided by TPG Capital, according to a report from Traded. The company did not immediately comment on the loan.
The planned 23-story office building will be located at 3008 North Harwood Street in the Harwood District, which sits between Uptown and downtown Dallas. The development is expected to offer amenities such as a sky garden, rooftop restaurant, and gym. A state filing from November last year indicated that the total project cost is estimated at $120 million, with completion targeted for June 2027.
Law firm Jones Day has signed a lease for 73,000 square feet in the new building. Jones Day has maintained offices in another Harwood property since 1999.
The new construction loan comes after a challenging year for Harwood’s office portfolio. Earlier this year, the company narrowly avoided foreclosure on Saint Ann Court (Harwood No. 6) after reaching a recapitalization deal just before the property was scheduled for auction due to default on a $138 million mortgage.
In another setback three months later, lender Spear Street Capital took possession of Harwood No. 4 through a $73 million credit bid after purchasing the mortgage from Affinius Capital Management. Harwood reportedly defaulted on the $80 million mortgage tied to that property.
In May, Harwood engaged Newmark to assist in finding equity partners and additional debt for future phases of development in the Harwood District. The district spans 30 acres and is located near several other major developments in Uptown Dallas, including Parkside Uptown—future home of Bank of America—and Hunt Realty’s NorthEnd campus for Goldman Sachs.
