Key Takeaways
- • TPG secured a $115.5 million loan in mid-September from Overland Advantage (a Wells Fargo and Centerbridge Partners middle-market lending platform) to finance renovations of its Harwood District office portfolio in Dallas.
- • The loan is backed by two of TPG's five Harwood towers: Harwood No. 3 (2727 N. Harwood St.) and Harwood No. 7 (2950 N. Harwood St.), with collateral also including Harwood No. 2, Harwood No. 10, and St. Ann Court/Harwood No. 6.
- • TPG acquired the five-tower portfolio in late 2025 from Harwood International, which faced financial distress and lost control of seven buildings through sales and foreclosures; Harwood International retained minority co-investor status.
- • Capital improvements include upgraded greenspaces, infrastructure, common spaces, bespoke tenant clubhouses, fitness centers, and food and beverage amenities, with work already underway on the properties.
Summary
Private equity firm TPG closed a $115.5 million loan facility in mid-September to fund a comprehensive renovation program across its five-tower office portfolio in Dallas's Harwood District. The loan, provided by Overland Advantage—a middle-market direct lending platform jointly formed by Wells Fargo and Centerbridge Partners—was secured by TPG's Harwood No. 3 and Harwood No. 7 towers, according to Dallas County deed records.
TPG acquired the five-tower portfolio in late 2025 during a period of financial distress at Harwood International, the district's original developer. Harwood International, founded in 1988 by Gabriel Barbier-Mueller, faced significant challenges that resulted in the loss of seven buildings through a series of sales and foreclosures. Harwood International retained a minority co-investor stake in the TPG-led partnership. The portfolio comprises Harwood No. 2, No. 3, No. 6 (St. Ann Court), No. 7, and No. 10, spanning multiple properties along the N. Harwood corridor.
TPG, which maintains dual headquarters in Fort Worth and San Francisco, disclosed earlier this year that it would undertake substantial capital improvements to the properties. The renovation program encompasses upgraded greenspaces, building infrastructure modernization, enhanced common areas, bespoke tenant clubhouses, fitness centers, and expanded food and beverage offerings. Construction has already commenced on the portfolio, though TPG representatives provided no additional disclosure regarding timeline or project scope beyond prior announcements.
TPG acquired the five-tower portfolio in late 2025 during a period of financial distress at Harwood International, the district's original developer. Harwood International, founded in 1988 by Gabriel Barbier-Mueller, faced significant challenges that resulted in the loss of seven buildings through a series of sales and foreclosures. Harwood International retained a minority co-investor stake in the TPG-led partnership. The portfolio comprises Harwood No. 2, No. 3, No. 6 (St. Ann Court), No. 7, and No. 10, spanning multiple properties along the N. Harwood corridor.
TPG, which maintains dual headquarters in Fort Worth and San Francisco, disclosed earlier this year that it would undertake substantial capital improvements to the properties. The renovation program encompasses upgraded greenspaces, building infrastructure modernization, enhanced common areas, bespoke tenant clubhouses, fitness centers, and expanded food and beverage offerings. Construction has already commenced on the portfolio, though TPG representatives provided no additional disclosure regarding timeline or project scope beyond prior announcements.
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