Standard Chartered closed on a $129.8 million five-year term loan provided to an Ares Real Estate fund (Ares) and funds managed by Northwood Investors for the financing of The Shops at Park Lane, a mixed-use retail and office destination in Dallas, Texas.
The financing supports Ares’ acquisition of a majority stake in The Shops at Park Lane, a 667,311-square-foot mixed-use property comprising 566,866 square feet of retail space anchored by Whole Foods Market and IKEA, together with 100,445 square feet of Class A office space. Situated at the intersection of Park Lane and North Central Expressway (U.S. Highway 75), the property occupies one of Dallas’ most prominent retail corners.
The transaction establishes a new joint venture that combines Ares’ investment capabilities with Northwood’s retail operating platform, Northwood Retail, and builds on Northwood’s more than 15 years of ownership experience at the asset.
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