Metropolitan Capital Advisors, Ltd. has arranged the debt financing for the redevelopment of Mid Elm Losts in Dallas, TX. MCA facilitated the financing on behalf of Westdale Real Estate Investment and Management.
Mid Elm Lofts is a historic, mixed-use redevelopment in the urban core of Dallas. It is located at ground zero of Dallas’ resurgent downtown market, directly across the street from the Joule Hotel, the recently completed LTV Tower and the ongoing 1401 Elm Street redevelopment. Mid Elm Lofts will feature 29 high-end, boutique apartments in a turn-of-thecentury loft setting, with ground floor retail, basement retail and a trendy rooftop retail area. Due to the complexity of the project, it took 3 years to arrange the financing of this project. The project incorporates multiple forms of alternative finance sources and city incentives, including state and federal historic tax credits, a city TIF, and tax abatements from the Landmark Commission of Dallas. The construction loan was funded by a Texas-based bank, at an attractive interest rate and leverage on a recourse basis.
Justin Laub, Senior Director at MCA, was responsible for arranging the financing.
Since 1992, Metropolitan Capital Advisors has closed in excess of $13 billion of debt and equity transactions. National Real Estate Investor Magazine has consistently ranked MCA as one of the top CRE Financial Intermediaries in the US. MCA has completed over $450,000,000 of commercial real estate financings year to date in 2017.