New Dallas Residential Tower Lands $95 Million Loan

A Boston investment firm has provided $95 million in funding for a new Dallas apartment tower.CrossHarbor Capital Partners provided the financing for the 22-story McKenzie luxury high-rise on the eastern edge of Highland Park.The 183-unit rental tower was built by Dallas' StreetLights Residential and equity investor A.G. Hill Partners.The project is about 50% leased and has apartments that rent from $3,500 a month for the smallest to more than $18,000 for a top-floor penthouse.CrossHarbor refinanced the construction loan on the project with money from one of its senior debt income funds."This transaction demonstrates CrossHarbor's ability to identify attractive debt investment opportunities by providing creative financing solutions to strong sponsors that own high-quality real estate," Richard Flohr, managing director and portfolio manager for the CrossHarbor, said in a statement. "Our ability to provide construction takeout financing prior to the property's stabilization serves as an illustration of our debt platform's broad capabilities."McKenzie developer StreetLights is one of Dallas' top apartment builders, with new high-rise projects in Uptown and the Deep Ellum district.  Continue reading...

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