$18 million financing secured by HFF for historic downtown Dallas office building
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $18 million in first lien financing for 211 N. Ervay, a 197,000-square-foot, historic office building with ground-floor retail in downtown Dallas, Texas.
Working on behalf of the borrower, Alterra International, HFF placed the five-year, floating-rate loan with Ready Capital Structured Finance. Loan proceeds will be used to fund future tenant improvements, leasing commissions and minor remaining capital expenditures on the building.
Originally built in 1958, 211 N. Ervay was completely vacant when Alterra International purchased it in 2012. Upon acquisition, they spent a significant amount of capital to abate, rehab and lease up the property. The ground-floor retail is 100 percent leased, anchored by Koleksiyon Furniture, 7-Eleven and Café Izmir. The office tower is leased to a variety of tenants, including Fort Work, Tech Wildcatters, Traxo and Koios Works. Situated at the intersection of N. Ervay and Elm Streets, the building is accessible via Interstates 30 and 35 and Highway 75 in addition to being within walking distance of the St. Paul DART light rail station.
The HFF debt placement team representing the borrower was led by associate director De’On Collins and managing director Steven Heldenfels.
According to HFF, “the building’s rehabilitation is part of a continuing trend revitalizing downtown Dallas into not only the largest employment center in North Texas with 135,000 employees, but also into a live-work-play destination.”
About Alterra International
Alterra International is the global thinking, next generation of commercial real estate developer, specializing in mixed-use properties where people live, work and play seamlessly. With an eye for emerging markets, Alterra International transforms communities economically, culturally and socially. Current and future projects include developments in the office, residential, retail and hospitality sectors. Vertically integrated as owners, developers and contractors, Alterra International delivers groundbreaking projects through trailblazing vision and detailed execution. For more information, visit Alterrainternational.com .
About Ready Capital Structured Finance
Ready Capital Structured Finance, headquartered in New York City, is a nationwide commercial real estate bridge and mezzanine lender offering non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Led by a veteran team of industry professionals, Ready Capital Structured Finance is a division of a subsidiary of Sutherland Asset Management Corporation, a full-service real estate finance company managed by Waterfall Asset Management. Sutherland, a commercial mortgage REIT, is a real estate finance company that acquires, originates, manages and finances commercial real estate loans and real estate-related securities.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.