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| 211 N. Ervay office building downtown Dallas TX |
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| De'On Collins |
DALLAS, TX –– Holliday
Fenoglio Fowler, L.P. (HFF) announced 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.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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