Lenders still trust Dallas multifamily even as market starts to shift Show signs of distress.
florida developer ZOM Living secured a $109 million refinance loan for the Atelier Tower, the top property in the firm’s Dallas portfolio. The 41-story luxury residence at 1801 North Pearl Street includes more than 400 units ranging in size from 500 to 2,300 square feet with views of Clyde Warren Park and downtown. Rental prices range from $2,000 to $12,000 a month, according to online rental listings.
Matthew Adler, ZOM’s chief investment officer, said the loan purchases during challenging financial times underscore the strength of the Texas market and the quality of the properties.
Adjacent to the Dallas Arts District, the building is due to open in 2021. Designed by architectural firm Stantec. The luxury tower is 93% leased and includes a pool, pet spa, yoga lawn, gym and bar.
ZOM did not name its lenders or disclose any other details about the loan. The tower’s 2023 taxable value is set at $168 million, according to Dallas Central Appraisal District records.
ZOM has been active in a number of multifamily projects in DFW, including the 398 Hazel apartments next to the Dallas Plaza Mall.The company has also recently 378 sets of Mezzo Dallas sold Complex Harbor Group International. Mezzo is ZOM’s 12th multifamily development in Dallas and Texas.
Dallas-Fort Worth continues to lead the nation with more than 65,000 apartment units, but signs of distress are starting to show.Texas cities have largely maintained stellar lease numbers and high multifamily rents post-pandemic, but some firms are building war chests to Utilization of non-performing assets These include Arbor Realty Trust, Three Pillars Capital and Bradford Companies.
