Trending

Data center boom yields $20M office refi for Maitland Management

Plans to upgrade buildings’ tech infrastructure to position them for server farms

Maitland Management Lands Office Refinancing for Data Centers
Maitland Management's Jimmy Hsueh with Northpoint Centre at 12005 Ford Road and The Meridian at 2711 Lyndon B Johnson Freeway (Loopnet, LinkedIn)

Key Points

AI Generated.
This summary is reviewed by TRD Staff.
  • Maitland Management secured $20 million in debt financing to position two North Dallas office buildings (The Meridian and NorthPointe Centre) for data centers.
  • The company plans to upgrade the buildings' infrastructure to support AI server farms and data centers.
  • The Meridian, a 10-story building, was acquired in 2022, and the eight-story NorthPointe Centre was acquired in 2021.

 

Maitland Management landed $20 million in debt to support the technological overhaul of two North Dallas office buildings, poising them for data-center conversion. 

The Dallas-based firm arranged separate refinancing deals for The Meridian and NorthPointe Centre, office properties located east of Interstate 35, near Farmers Branch, the Dallas Business Journal reported. The transactions, arranged by Ari Raskas of ARZ Realty Capital, were finalized on Dec. 31 and Jan. 24. Details, including the lenders, were not disclosed.

Maitland plans to use the financing to upgrade the 10-story Meridian and eight-story NorthPointe buildings with infrastructure to support AI server farms and data centers, said Jimmy Hsueh, CEO of Maitland Management.  

The Meridian, at 2711 Lyndon B Johnson Freeway, was acquired by Maitland and New York’s Hudson International Group in 2022. The 227,000-square-foot property’s taxable value is $16.25 million, according to the Dallas Central Appraisal District. That’s $71 per square foot. 

The 161,200-square-foot NorthPointe Centre, at 12005 Ford Road, was acquired by Plano-based Maitland affiliate Chang Long Investment Corporation in 2021. It’s assessed at over $12 million, or $74 per square foot. 

Sign Up for the undefined Newsletter

Bradford Commercial Real Estate Services is overseeing leasing efforts at the buildings. 

The push to redevelop older office buildings into modern-day technology hubs has become a growing trend in real estate. Ray Washburne, for instance, plans to sell the former Dallas Morning News headquarters, at 508 Young Street, to a data center provider after failing to secure city support for a proposed entertainment district. 

Notable data center projects across Dallas-Fort Worth include Core Scientific’s $4 billion conversion in Denton and DataBank’s $256 million facility in Red Oak

Prime Data Centers is also committing $3 billion to construct facilities in southwest Fort Worth and Garland. Meanwhile, QTS Data Centers is moving forward with a $220 million development in North Fort Worth

— Andrew Terrell

Read more

Commercial
Dallas
East Dallas apartments hit market amid high inventory
Commercial
Atlanta
T. Dallas Smith hires Silicon Valley pro in development push
Politics
Dallas
Dallas hires city manager who slashed building permit times
Recommended For You