Luxury high-rise apartment building gets $37M in financing
Friday, November 4, 2011
A luxury high-rise apartment building in Dallas has received $36.6 million in refinancing through a Federal Housing Administration-insured program.
Verona Apartments, a 16-story apartment building at 13330 Noel Road in Dallas, was the first multifamily property inspired by artist Paris' Kiron Galerie d'Art. The property includes luxury amenities including a cigar room, billiards room, aqua lounge and theater.
The property's appeal as a luxury high-rise residence and the owner's long-term hold strategy was the perfect match for the federal program, said Tom Huth, president and CEO of Palladium USA International Inc., the sponsor for the borrower, Villa Verona Ltd.
Berkadia Commercial Mortgage arranged the fixed-rate refinancing loan. Berkadia's John Koeijmans and Steve Mentesana originated and underwrote the deal, which closed Oct. 13.
As part of the loan, the borrower has 24 months to complete more than $5 million of upgrades to the property, including stainless steel appliances, granite countertops and wood flooring.
The renovations will help the apartment community remain competitive in Dallas, Mentesana said.
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