Westdale to Redevelop Historic Downtown Dallas Asset
- Jul 14, 2017
After teaming up with KDC earlier this year to construct The Epic, a mixed-use, transit-oriented Dallas development, Westdale Real Estate Investment and Management secured the debt financing for the redevelopment of Mid Elm Lofts in Dallas. The funding incorporates a recourse loan originated by a Texas-based bank, state and federal historic tax credits, a city tax incremental financing and a tax abatement from the Landmark Commission of Dallas.
Located at 1512-1516 Elm St. in the heart of downtown Dallas, the three-building, 19,395-square-foot asset will feature 29 high-end boutique apartments in a turn-of-the-century loft setting, ground floor retail, basement retail and a trendy rooftop retail area.
Preserving the original appearance
Through this certified rehabilitation, the exterior of the buildings will be completely restored, while the interior will be rehabilitated and adapted to preserve its integrity. Although the façade will maintain its original appearance, Westdale plans to renovate all three buildings as one development.
The property offers easy access from U.S. Route 75 and sits directly across from Joule Hotel, the recently completed LTV Tower and the ongoing 1401 Elm St. redevelopment.
Metropolitan Capital Advisors’ Justin Laub was responsible for arranging the financing.
Image courtesy of Westdale Real Estate Investment and Management