Square Mile Capital Management LLC announced that it originated a $53 million loan secured by Amelia at Farmers Market, a newly-built 297-unit multifamily building located in Downtown Dallas, TX.
The loan was made to a joint venture between Kairoi Residential and its equity partner. Kairoi, a premier multifamily owner and operator in Texas, commenced development of the property in 2017. Shortly after the first units delivered in June 2019, Kairoi’s equity partner recapitalized the project.
Square Mile Capital Principal Tom Burnssaid, “We are pleased to establish a lending relationship with Kairoi. They did an excellent job developing Amelia at Farmers Market and, with the fresh capital injection from their equity partner, the property is well-positioned as one of the bestassets in one of Dallas’s fastest growing and most desirable multifamily submarkets. With the expansion of the Dallas Farmers Market, the continued public investment into Downtown Dallas and the rejuvenation of the Deep Ellum neighborhood, Amelia at Farmers Market is poised to be successful for years to come.”
Leasing began in May 2019 and the property is already almost 40 percent leased. The building features two community pools, courtyard, BBQ grills, wine lounge, community library, 5th floor sky lounge with roof deck, 24-hour health club, and dogpark with pet grooming area.
The property is located directly across the street from the Dallas Farmers Market, which recently underwent a $67 million redevelopment and renovation. The market consists of 26,000 square feet of produce stalls, four anchor restaurants, and other food vendors, creating a built-in amenity for property residents. The Farmers Market redevelopment is part of $3 billion of public capital investment in Downtown Dallas over the last decade. The property’s location along South Harwood Street allows for convenient access to Dallas’s CBD. Additionally, the building’s convenient access to US-75, I-30, and I-45 provides connectivity to the rest of the Dallas-Fort Worth metropolitan area.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States. Square Mile Capital’s equity platform serves as a partner of choice for opportunistic and value add real estate investments across all property types. By identifying the impact of long-term trends on real estate values, the firm focuses on key investment themes and investment structuring in order to maximize risk-adjusted investment returns. For more information, visit www.squaremilecapital.com.
