Tuesday, August 26, 2008

Apartment builder arranges financing for Uptown Dallas tower

Apartment builder Gables Residential said Tuesday that it has arranged construction financing for its 292-unit residential tower going up in Dallas’ Uptown district.

The Park Seventeen building is part of a $200 million residential, office and retail development being built with Granite Properties.

Gables is doing the residential portion of the project at Akard Street and McKinney Avenue.

“Even in a challenging credit market, we’ve been able to obtain financing for development projects in our core markets,” David Reece, Gables senior vice president said in a statement.

“We are benefitting from the reputation we’ve cultivated based on our financial strength, ability to develop high-quality projects in excellent locations, and strong relationships with our lenders, including Wachovia Bank and Compass Bank for this project.”

The Park Seventeen project includes 320,000 square-feet of residential space, 14,000 square-feet of retail space and 375,000 square-feet of offices.

By Steve Brown