Rainier Capital Management L.P. Announces Funding of $23 million Mezzanine Loan and Equity Investment into Condominium Development in Dallas TX



Tim Nichols, Executive Vice President of Rainier Capital Management, L.P. announces the funding of a $23 million mezzanine loan and equity investment into a luxury condominium development in the Preston Hollow area of Dallas, TX. Construction financing is provided by First United Bank in Tulsa and Grammercy Capital in New York.

The 139 unit project will be developed by Drexel Development Company, a local builder who recently completed the Drexel Montane and Drexel Highlander condominium projects in Dallas. Nationally renowned Smith & Ekblad provided the architectural design for the project. The Drexel Hollow property, as it will be known, lies between Edgemere Road and Turtle Creek Boulevard, just north of Northwest Highway in the University Park/Preston Hollow submarket. The six acre site lies within 1/2 mile of two preeminent shopping destinations in Dallas - Preston Center and Northpark Mall. Each condominium unit will have direct elevator access, 10 foot ceilings, high grade appliances, moldings and interior finishes. The property will be served by two community pools and will offer exercise facilities in each of the 10 three story buildings. The property is designed to appeal to existing Preston Hollow and Park Cities residents who wish to downsize, simplify or take advantage of escalated land and home values and who wish to remain in the area in a residential environment.

Rainier Capital Management, L.P. is a Dallas, TX based investment management company providing debt and equity capital to income-producing and developmental real estate projects. The firm also is an active participant in the 1031 Exchange Tenant-in-Common (TIC) marketplace.

For more information, please visit www.rainiercapital.com





Rainier Capital Management L.P. Announces Funding of $23 million Mezzanine Loan and Equity Investment into Condominium Development in Dallas TX