Thursday, October 29, 2015

NewcrestImage to Repurpose Mercantile Commerce Building in Dallas

DALLAS — After sitting vacant for 25 years, the 22-story Mercantile Commerce building located at 1712 Commerce St. in downtown Dallas, along with the neighboring building 1700 Commerce, are being redeveloped into three new downtown hotels with more than 4,000 rooms.

NewcrestImage is the developer for the project, Phill Geheb of Munsch Hardt arranged financing for the redevelopment project. Construction is slated to begin next week for the hotels, whose brands include Residence Inn and Dallas’ first AC Marriot Hotel.

The project received three forms of funding. The financing includes a $35.6 million construction loan, $7.8 million in federal tax credit equity and $8 million in state historic tax credit equity.

  

Texas Real Estate Business