DALLAS--HRI Properties has acquired and willredevelop 411 North Akard Street in Dallas as MayflowerApartments. An affiliate of the CaliforniaTeachers' State Retirement System (CalTSRS) was theseller.

|

Capital One announced that it has provided a$24-million secured term loan and a $9.6-million bridge loan forthe historic nine-story, 360,970-square-foot office building.

|

The property was built by the Mayflower InvestmentCo. in 1965, and is listed on the National Register ofHistoric Places for its architectural significance. It waspurchased in 2012 by CalTSRS, which will retain the building's750-space underground parking garage as part of thetransaction.

|

“We are very excited to be supporting HRI Properties as itredevelops this exceptional building,” says TimSmith, vice president, Capital One Bank. “We have a longhistory of working with the company and we are confident that thisextraordinary property is in good hands.”

|

The building will offer 215 class A units, 11,567 square feet ofground-floor retail space and 216 parking spaces on the first threefloors. Amenities will include a fitness center, rooftop pool,outdoor kitchen, community room, and an onsite property managementoffice.

|

“We are excited to move forward with financing for thisone-of-a-kind mixed-use building,” says TomLeonhard, president and chief operating officer, HRIProperties. “The building's convenient downtown location andupscale apartment units, coupled with its extensive retail space,will make the Mayflower Apartments an appealing destination.”

|

The three-year floating-rate construction loan has one four-yearextension. The two-year bridge loan is subject to sufficientcommitment amounts from the historic tax credit investors under theFederal Historic Tax Credit and State Historic Tax Credit programs,as well as from the municipality under the TIF Grant for AffordableHousing.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.