Metropolitan Capital Advisors, on behalf of 1901 Harwood LLC, arranged the debt financing for the construction of Destination Residences, a 62-unit, multi-story condominium project in Dallas. The $9.6 million loan did not require any pre-sales prior to beginning construction. Senior Director Justin Laub was responsible with securing the financing.
Located at 1100 Peters St. in The Cedars neighborhood, the speculative development is 2 miles away from Billy Earl Dade Middle School and 1 mile from El Centro College. The property will also be within walking distance of various restaurants, grocery stores or bars, including The Cedars Social, Smart & Final Mart 2 or Lorenzo Kitchen.
Last month, Metropolitan Capital Advisors also arranged financing for Phase III of Hebron 121 Station Apartments in Lewisville, Texas. When completed, the asset will be among the largest transit-oriented developments in the county.
Image courtesy of Metropolitan Capital Advisors