Far North Dallas rental high-rise to get redo
The Verona apartment tower on Noel Road has a new $36.6 million loan that includes money for remodeling.
By STEVE BROWN, Real Estate Editor
4 November 2011 11:05 AM
The owners of a Far North Dallas apartment tower are spending $5 million to upgrade the 12-year-old building.
The 16-story Verona Apartments at 13330 Noel Rod near the Galleria is owned by developer Palladium (USA) International Inc.
The real estate firm just obtained a $36.6 million loan to refinance the property and pay for the improvements.
Most of the refurbishment will be to the interior of the 273 rental units. The property is more than 90 percent leased.
The owners said that the improvements were necessary to keep the property up to date.
Berkadia Commercial Mortgage arranged the new mortgage through the U.S. Department of Housing and Urban Development's FHA lending program.
“This loan helped our client stay competitive in the Dallas market," said Berkadia's Steve Mentesana, who worked on the funding with John Koeijmans.
Berkadia Commercial Mortgage is a commercial real estate finance firm, which services and manages a portfolio of more than $193 billion in loans.
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