FRISCO, TEXAS — A partnership between Hunt Realty Investments and The Karahan Cos. has received a $425 million construction loan for Fields West, a 55-acre mixed-use project in Frisco, a northern suburb of Dallas.
A consortium of Bank of America, J.P. Morgan Chase and Prosperity Bank provided the financing. Additionally, as part of the development agreement, the City of Frisco recently sold $70 million in municipal bonds as its contribution to the financing of Fields West.
Fields West, which was announced in 2022 as a $2 billion development, will be an urban village within the 2,500-acre Fields master-planned community. Plans currently call for 350,000 square feet of shopping, dining and entertainment space and 325,000 square feet of Class A office space. Gensler is the master plan architect of the development.
Construction of the retail, restaurant and entertainment space is now underway. The opening of this element of the project will be staggered between the third quarter of 2027 and into 2028. That space is 70 percent preleased to a variety of national brands, boutique retailers and first-to-market operators, such as Bloomie’s (a Bloomingdale’s concept), Alo Yoga, Arhaus, Kendra Scott, Pottery Barn, Sephora and Williams Sonoma.
On the restaurant front, concepts that have committed to Fields West include Green Point, Claremont, Mexican Sugar, Sixty Vines and Tommy Bahama Marlin Bar. In addition, Mastro’s Steakhouse will open its first location in the Dallas-Fort Worth metroplex at Fields West.
“Great project visions cannot come together without great partners and lenders who believe and trust you,” says Fehmi Karahan, president and CEO of Karahan Cos. “Closing on a construction loan this size demonstrates that kind of trust in our incredible development.”
The developers have tapped SHOP Cos. to lease the retail component of the project. CBRE is leasing the office space.
Hunt Realty Investments is the centralized real estate investment company for the family of companies owned by Ray L. Hunt, heir of the Hunt Oil Co. Hunt Realty has been active in real estate development, acquisition and operations for more than 40 years.
Based in Dallas, The Karahan Cos. is perhaps best known as the co-developer of the Legacy West mixed-use development in Plano, which was recently sold for $785 million to a partnership between Indianapolis-based Kite Realty Group and Singapore’s GIC.
— Taylor Williams