September 26, 2019
JMJ Development, with help from New York investor Madison Realty Capital, obtained $32.5 million in financing to acquire and develop a site at 2999 Turtle Creek Blvd., north of downtown Dallas. The 2.5-acre site currently contains a two-story office building. The new owner plans to develop a five-story, 177-key hotel and 97 condominium residences.
The borrower is currently executing agreements with the flagship, five-star hotel, and finalizing construction drawings.
“This is a rare and sizable development site in one of Dallas’s wealthiest and most attractive neighborhoods for residential and commercial uses,” said Madison Realty Capital’s Josh Zegen. “We believe the neighborhood’s strong demographic and economic fundamentals, bolstered by an affluent population and a thriving office, retail, and restaurant scene, will allow the sponsor to successfully execute its development plan and capitalize on the growing need for high-end hospitality and housing in the area.”
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