Franklin Street Properties
On April 16th, 2026, HREC closed a $25.0 million tranche of a $320.0mm total first mortgage term, loan ($275mm initial, $45mm delayed draw) to Franklin Street Properties (NYSE:FSP), a real estate investment trust (“REIT”) with 17 primarily class A office properties located in CBD and suburban infill markets across Houston, Dallas, Denver, and Minneapolis. The loan was used to fully refinance the existing indebtedness and to provide both capital structure flexibility and incremental availability to stabilize the assets. The loan will be repaid via the sale of assets (opportunistically in part or in full) and/or a more traditional refinancing at maturity.