DEAL OF THE DAY: $114.4 Million Loan Secured for The Tower Residences at the Ritz-Carlton in Dallas
- Jan 18, 2008
Dallas–Commercial real estate company Holliday Fenoglio Fowler, L.P.’s Dallas office recently arranged a $114.4 million, non-recourse construction loan for The Tower Residences at the Ritz-Carlton, Phase II of the Ritz-Carlton’s luxury hotel and condominium development in Dallas.Holliday Fenoglio Fowler Executive managing Director Scott Galloway, Senior Managing Director Trey Morsbach and Associate Director John Ahmed worked on behalf of Fort Worth, Texas-based Crescent Real Estate Equities to secure the 36-month, adjustable-rate loan through Societe Generale, headquartered in Paris.Upon completion in 2009, The Tower Residences will include a 23-floor tower with 96 units and four exclusive townhomes that will be separated from the tower by a central courtyard. The tower will connect to The Residences at the Ritz-Carlton via a climate-controlled skybridge and will have its own underground parking garage. Planned amenities include a pool, wine storage and tasting room, fitness center and meeting space. Crescent Real Estate Equities LLC owns and manages a portfolio of 54 buildings in select markets across the U.S. such as Dallas, Houston, Denver, Miami and Las Vegas. Crescent also has invested in resort residential developments in locations such as Scottsdale, Ariz., Vail Valley, Colo. and Lake Tahoe, Calif.Operating out of 18 offices nationwide, Holliday Fenoglio Fowler provides commercial real estate and capital markets services to the U.S. commercial real estate industry.