Downtown Dallas Building Redo Gets $14.6M in Funding

A downtown Dallas redevelopment project is getting a boost with new funding.Developers have been working on the row of old commercial buildings along Elm Street for several years.Called Mid Elm Lofts, the buildings at 1512, 1514 and 1516 Elm are being converted into a combination of retail and loft apartments.Metropolitan Capital Advisors said Thursday that it has arranged a $14.6 million construction loan for Westdale Real Estate Investment and Management for the project."Mid Elm Lofts will feature 29 high-end, boutique apartments in a turn-of-the- century loft setting, with ground floor retail, basement retail and a trendy rooftop retail area," the Dallas-based financial firm said. "Due to the complexity of the project, it took 3 years to arrange the financing of this project."A Texas bank provided the funding.The project has received historic tax credits and tax increment finance district incentives from the City of Dallas.Mid Elm Lofts is across the street from the LTV Building what was converted to a hotel and apartments.Renovations are underway in the same area on the 50-story Thanksgiving Tower.  Continue reading...