H.I.G. Realty Partners Originates Loan Secured by Dallas Biotech and Social Impact Office Campus
H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $43 billion of equity capital under management, is pleased to announce that its affiliate, H.I.G. Realty Partners, has originated a loan to finance the redevelopment of Pegasus Park (the "Property"), a 5-building, 23-acre campus located 5 miles northwest of downtown Dallas, Texas. The project, which is adjacent to the Medical District and anchored by UT Southwestern, was publicly announced in July 2020 and is already 60% pre-leased.
The loan was made to a joint venture between entities owned by J. Small Investments ("JSI"), a local owner/operator, and Lyda Hill, a prominent entrepreneur and philanthropist in Dallas (collectively, the "Sponsor"). JSI purchased the campus from Exxon Mobil in 2015 and partnered with Ms. Hill in 2019 in order to create a hub for business, biotech innovation and social impact. The project features 150K square feet leased to non-profit organizations to create a collaborative community and help accelerate their respective missions. The Sponsor has also partnered with BioLabs, a national, membership-based network of shared lab and office space in key biotech innovation clusters, to operate its ninth location at the Property. Select amenities at the campus include conference facilities, a brewery/restaurant, fitness center and networking and educational events.
"We are excited about this unique opportunity to finance such a dynamic and collaborative project," said Michael Mestel, Managing Director at H.I.G. Realty Partners. He added, "We are confident JSI and Ms. Hill will successfully re-vitalize this campus into a best-in-class campus for business, biotech, innovation and social impact."
About H.I.G. Realty Partners
H.I.G. Realty Partners is the real estate platform of H.I.G. Capital, a leading global alternative assets investment firm with $43 billion of equity capital under management.* H.I.G. Realty Partners manages $7.8 billion of assets and focuses on small-to-mid cap real estate, targeting both equity and debt investments across all property types located throughout the U.S., Europe, and Latin America. Debt investments include senior bridge loans, mezzanine loans and preferred equity collateralized by transitional properties and portfolios. Equity investments are concentrated on the acquisition of value-add assets, employing a hands-on, operationally focused approach that seeks to generate substantial cash flow and asset appreciation through rehabilitating, redeveloping, repositioning and rebranding assets that have been capital starved and/or poorly managed. For more information, please refer to the H.I.G. website www.higcapital.com.
About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with $43 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.'s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.'s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.'s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.
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