{"id":1004026049,"date":"2011-01-21T15:16:20","date_gmt":"2011-01-21T23:16:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004026049"},"modified":"2022-12-05T02:53:04","modified_gmt":"2022-12-05T10:53:04","slug":"dallas-multi-family-project-cinches-50m-construction-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dallas-multi-family-project-cinches-50m-construction-loan\/","title":{"rendered":"Dallas Multi-Family Project Cinches Loan"},"content":{"rendered":"<p>By Michael Ratliff, Associate Editor<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/01\/Borad-Street-Adviso199FF3B.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004026050\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/dallas-multi-family-project-cinches-50m-construction-loan\/borad-street-adviso199ff3b\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/01\/Borad-Street-Adviso199FF3B.jpg\" data-orig-size=\"480,270\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"1400 Hi Line \" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/01\/Borad-Street-Adviso199FF3B.jpg?w=480\" class=\"alignleft size-medium wp-image-1004026050\" title=\"1400 Hi Line \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/01\/Borad-Street-Adviso199FF3B.jpg\" alt=\"\" width=\"300\" height=\"168\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/01\/Borad-Street-Adviso199FF3B.jpg 480w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/01\/Borad-Street-Adviso199FF3B.jpg?resize=300,169 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Dallas&#8217; up-and-coming\u00a0Design District will get a new high-rise addition\u00a0with the development of the 1400 Hi Line residential project. Construction of the\u00a0341-unit property will go forward on the strength of a $50 million\u00a0loan secured by Broad Street Advisors for the project&#8217;s developers, Houston-based PM Realty Group and National Real Estate Advisors of Washington, D.C. U.S. Bank is providing construction financing.<\/p>\n<p>The project will be the\u00a0latest residential entry in a district that currently includes about 370 stores and\u00a0roughly 1,100 residential units. PM Realty Group and National Real Estate Advisors are positioning 1400 Hi Line\u00a0as a high-end product\u00a0geared to the \u201crenter by choice\u201d market.<\/p>\n<p>\u201cWe felt that with the location adjacent to downtown, and the eclectic feel of the Design District, that it was a great place to come in with a second-generation product behind the first three multi-family projects,\u201d said Bryant Nail, PM Realty\u2019s senior development officer.<em> <\/em>He added that\u00a0the site is less than a quarter-mile from a\u00a0DART train station, and the\u00a0North Central Texas Council of Governments has provided a\u00a0grant to finance\u00a0a pedestrian connection.<\/p>\n<p>Among 1400 Hi Line&#8217;s\u00a0signature features will be\u00a0a\u00a0rooftop park covering\u00a0nearly an acre, a fitness center, a fire pit, cabanas, outdoor grills, on-site parking and 27,000 square feet of retail.\u00a0 The developers expect the project\u00a0to \u00a0be ready for occupancy by the summer of 2012, followed by\u00a0completion during the first quarter of 2013.<\/p>\n<p>The project&#8217;s development coincides with\u00a0high demand for multi-family housing in the Dallas-Fort Worth metro area.\u00a0An estimated 50,000 new households will form in the market this year, yet only 4,200 apartments will come on line.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 341-unit property is scheduled to open next year in the city&#8217;s Design District.<\/p>\n","protected":false},"author":1194,"featured_media":1004026050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21752,21742,15],"tags":[],"class_list":["post-1004026049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-mixed-use","category-latest","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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