Regions Southwest | Dallas
Dec 21, 2007
By: Tonie Auer, Southwest Correspondent
As Phase II of The Tower Residences at the Ritz Carlton gets under construction, the Dallas office of Holliday Fenoglio Fowler L.P. arranged a $114.4 million, non-recourse construction loan for the project.
The Residences at The Ritz-Carlton, Dallas was designed by Robert A.M. Stern and Hayslip Interior Design Co. The 4.9-acre development is located at 2121 McKinney Avenue, close to the Central Business District, the Arts District, Victory Park and the Uptown area of Dallas.
Valued at $130 million, Phase I of The Residences in Dallas sold out in October after opening in August. Phase I encompasses 70 private condominiums located on floors nine through 21 above the 218 rooms and suites of The Ritz-Carlton Hotel.
With a projected value of $175 million in sales, Phase II includes The Tower Residences and Regency Row homes, scheduled for completion in 2009. Four freestanding manors will comprise the Regency Row homes. The second phase includes a 23-floor tower with 96 units and four townhomes set apart from the tower by a central courtyard. The tower will be connected to The Residences at the Ritz-Carlton via a climate-controlled skybridge and will have its own underground parking garage and amenity package, including a pool, wine storage and tasting room, fitness center, meeting space and hotel service amenities. As of October, the second phase was 65 percent pre-sold.
“The tremendous success we’ve had with Phase I further underscores the demand for a second phase,” Bill Mabus, vice president of development for Crescent, said in October. “By bringing together the best of the best, we have realized our vision of creating a new sophisticated urban lifestyle in Dallas.”
Phase II broke ground on July 26. Prices for the Regency Row homes range from $700,000 to $8 million. Upon final completion, The Residences at the Ritz-Carlton, Dallas will be valued at $300 million.
HFF associate director John Ahmed worked exclusively on behalf of Crescent Real Estate Equities to secure the 36-month, adjustable-rate loan through Societe Generale.
Crescent Real Estate Equities L.L.C. is headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 54 premier office buildings totaling 23 million square feet located in select markets across the United States with major concentrations in Dallas, Houston, Denver, Miami and Las Vegas. Crescent also holds investments in resort residential developments in locations such as Scottsdale, Arizona; Vail Valley, Colorado; and Lake Tahoe, California.
By: Tonie Auer, Southwest Correspondent
As Phase II of The Tower Residences at the Ritz Carlton gets under construction, the Dallas office of Holliday Fenoglio Fowler L.P. arranged a $114.4 million, non-recourse construction loan for the project.The Residences at The Ritz-Carlton, Dallas was designed by Robert A.M. Stern and Hayslip Interior Design Co. The 4.9-acre development is located at 2121 McKinney Avenue, close to the Central Business District, the Arts District, Victory Park and the Uptown area of Dallas.
Valued at $130 million, Phase I of The Residences in Dallas sold out in October after opening in August. Phase I encompasses 70 private condominiums located on floors nine through 21 above the 218 rooms and suites of The Ritz-Carlton Hotel.
With a projected value of $175 million in sales, Phase II includes The Tower Residences and Regency Row homes, scheduled for completion in 2009. Four freestanding manors will comprise the Regency Row homes. The second phase includes a 23-floor tower with 96 units and four townhomes set apart from the tower by a central courtyard. The tower will be connected to The Residences at the Ritz-Carlton via a climate-controlled skybridge and will have its own underground parking garage and amenity package, including a pool, wine storage and tasting room, fitness center, meeting space and hotel service amenities. As of October, the second phase was 65 percent pre-sold.
“The tremendous success we’ve had with Phase I further underscores the demand for a second phase,” Bill Mabus, vice president of development for Crescent, said in October. “By bringing together the best of the best, we have realized our vision of creating a new sophisticated urban lifestyle in Dallas.”
Phase II broke ground on July 26. Prices for the Regency Row homes range from $700,000 to $8 million. Upon final completion, The Residences at the Ritz-Carlton, Dallas will be valued at $300 million.
HFF associate director John Ahmed worked exclusively on behalf of Crescent Real Estate Equities to secure the 36-month, adjustable-rate loan through Societe Generale.
Crescent Real Estate Equities L.L.C. is headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 54 premier office buildings totaling 23 million square feet located in select markets across the United States with major concentrations in Dallas, Houston, Denver, Miami and Las Vegas. Crescent also holds investments in resort residential developments in locations such as Scottsdale, Arizona; Vail Valley, Colorado; and Lake Tahoe, California.
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