Wood Partners Begins 207-Unit Development in Dallas

Wood Partners secures a development site for a Dallas community; and Meridian Capital negotiates $75.1 million for properties in Manhattan, Brooklyn, Queens, Westchester County and Long Island, N.Y.

Alta West Davis - Courtesy: Good, Fulton, & Farrell Architects

Dallas—Wood Partners has closed on a five-acre property in Southwest Dallas and will shortly begin construction on Alta West Davis, a 207-unit low-rise community in the city’s North Oak Cliff neighborhood. The community will include a pair of three-story buildings with a mix of studio apartment and one- and two-bedroom units. North Oak Cliff is an older neighborhood where homes date from the early 20th century.

“Part of our site is in a historically designated district in the city and the architecture has to be sympathetic to the historical structures in the neighborhood,” says Todd McCulloch, a director at Wood Partners. “Alta West Davis will appeal to the rent-by-choice market. It’s an urban infill lifestyle, but more authentic than the mass-produced product people will find in other areas. It’s also reasonably priced at a discount of $500 to $1,000 a month below other infill neighborhoods.”

The property is being designed to meet LEED Silver certification. Amenities will include a fitness center, pool and bike shop with storage.

“The fact that a top tier institutional develop like Wood Partners is willing to build the first ‘market rate’ multifamily development in Oak Cliff in several decades says a lot about the recent transformation of the community,” says Barry Hancock of Cienda Partners, the projects seller.

Meridian negotiates $75.1M for properties in Manhattan, Brooklyn, Queens, Westchester County and Long Island, N.Y.

New York, N.Y.—Meridian Capital Group LLC announced the following transactions:

A new mortgage of $1.3 million was placed by Meridian on an 18-unit, four-story multifamily building on Bay 17th Street in Brooklyn, N.Y. The loan features a rate of 3.75 percent and a 10-year term. The transaction was negotiated by Isaac Filler.

Meridian negotiated a new mortgage in the amount of $36 million on a 416-unit multifamily building on Broadway in Holbrook, N.Y. The loan features a rate of 3.88 percent and a 10-year term. The transaction was negotiated by Aaron Appel and Michael Diaz.

A new mortgage of $13 million was placed by Meridian on a 100-unit multifamily building on East Pulaski Road in Huntington Station, N.Y. The loan features a rate of 3.88 percent and a 10-year term. The transaction was negotiated by Moshe Majeski and Abe Hirsch.

Meridian negotiated a new mortgage in the amount of $11.8 million on a six-story mixed-use building on Broadway in New York. The loan features a rate of 3.90 percent and a five-year term. The transaction was negotiated by Aaron Birnbaum and Emanuel Westfried.

Meridian negotiated a new mortgage in the amount of $11.5 million on a mixed-use building on West 51st Street in New York, NY. The loan features a rate of 4.20 percent and a 10-year term. The transaction was negotiated by Max Herzog and Aaron Appel.

A new mortgage of $1.5 million was placed by Meridian on a 16-unit, four-story multifamily building on 168th Street in Flushing, N.Y. The loan features a rate of 4.00 percent and a five-year term. The transaction was negotiated by Jacob Schmuckler.