DALLAS--HRI Properties has acquired and will redevelop 411 North Akard Street in Dallas as Mayflower Apartments. An affiliate of the California Teachers' State Retirement System (CalTSRS) was the seller.

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

The property was built by the Mayflower Investment Co. in 1965, and is listed on the National Register of Historic Places for its architectural significance. It was purchased in 2012 by CalTSRS, which will retain the building's 750-space underground parking garage as part of the transaction. 

“We are very excited to be supporting HRI Properties as it redevelops this exceptional building,” says Tim Smith, vice president, Capital One Bank. “We have a long history of working with the company and we are confident that this extraordinary property is in good hands.”

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

“We are excited to move forward with financing for this one-of-a-kind mixed-use building,” says Tom Leonhard, president and chief operating officer, HRI Properties. “The building's convenient downtown location and upscale 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-year extension. The two-year bridge loan is subject to sufficient commitment amounts from the historic tax credit investors under the Federal Historic Tax Credit and State Historic Tax Credit programs, as well as from the municipality under the TIF Grant for Affordable Housing.