The 350-unit Firestone Upper West Side at 1001 W. 7th St. stands as collateral for the 10-year loan that paid off the construction financing and opened the door to a partnership restructuring, Dan Bryson, senior director for Dallas-based Holliday Fenoglio Fowler LP, tells GlobeSt.com. The interest rate is being kept under wraps, but the financing carries a 30-year amortization schedule.

Phoenix is in the midst of a partnership restructuring to allow a group of its investors, largely representing German capital, to retreat from US real estate holdings. The refinancing was critical to the capital play affecting multiple assets in the US, Bryson explains. Firestone Upper West Side is the only Texas property in the packaged play, he says.

Bryson says TIAA wasn't the only lender courted for the refinancing, but the offer that came to the table represented a "perfect match" for the borrower and the underwriter of the permanent financing. For Phoenix, the focus was to "maximize leverage" for the restructuring, he says.

Firestone Upper West Side is a 94%-occupied, 11-building complex situated on 11 acres in a bustling development corridor that links the CBD with the Museum District. Built in 1998-99, the complex includes a 13,000-sf recreational and business center and 111-space parking garage as well as carport and surface parking spaces. None of the financing has been earmarked for work on the award-winning development, according to Bryson.