Hunt Capital Partners announced today the closing of West End Lofts, a $125 million mixed-income, mixed-use redevelopment located at 711 and 805 Elm Street in Dallas, Texas.
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Rendering of West End Lofts, a 154-unit mixed-income, mixed-use development at 711 and 805 Elm Street in Dallas, Texas.
The project, led by Sycamore Development, will transform a large section of the iconic West End district into an innovative and pedestrian-oriented hub for housing and retail while preserving landmark examples of the area’s architectural heritage.
West End Lofts will bring 154 new homes to the area through the adaptive reuse of a five-story former furniture warehouse originally constructed in 1904, complemented by a new six-story building. The development will also preserve and restore a five-story building dating to 1925 that is thought to be the first parking garage constructed in Dallas.
Connecting the two buildings, a pedestrian plaza will bring thoughtfully designed green space to a portion of Austin Street and to former surface parking space at 211 N. Austin Street.
“The West End has extraordinary bones, and these two buildings tell an important story about Dallas’ early commercial history,” said Zachary Krochtengel of Sycamore Development. “Our vision from the beginning was to honor that history through careful adaptive reuse while creating a place that draws people back to the neighborhood every day. West End Lofts isn’t just housing; it’s a long-term investment in the vitality of this entire district.”
Upon completion, West End Lofts will offer:
- 154 residential units, including 63 income-restricted units serving households earning up to 30%, 60%, 70%, and 80% of Area Median Income and 91 market-rate units.
- Common areas including a swimming pool and courtyard, dedicated co-working and meeting space, a rooftop lounge, a game room and fitness center, along with bike storage and a pet spa.
- Ground-floor commercial spaces at 711 Elm and 805 Elm totaling more than 20,000 square feet.
- Dedicated student learning space for school-age children, notary services, and tax services will be available to residents.
“West End Lofts is a strong example of what’s possible when the right financing structure comes together around a project with real community impact,” said Jeff Weiss, President of Hunt Capital Partners. “Our role as syndicator was to bring the tax credit equity, Federal Low Income Housing Tax Credits and Federal and Texas State Historic Tax Credits, to the table in a way that makes the economics work for long-term affordability and historic preservation. We’re proud to partner with Sycamore Development on a project that does both.”
Financing for the project includes construction and TIF bridge loans from Bank OZK. Permanent loan financing will be provided by Grandbridge. The City of Dallas has committed $49 million in Tax Increment Financing (TIF) support to the project, reflecting its role as a centerpiece of the city’s broader strategy to activate the historic West End, coordinate redevelopment around the West End DART light rail station, and align improvements with catalysts such as the reconstruction of the Kay Bailey Hutchison Convention Center. Hunt Capital Partners syndicated $19.5 million in Federal Low Income Housing Tax Credits, $7.9 million in Federal Historic Tax Credits and $9.8 million in certificated Texas State Historic Tax Credits.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $4.1 billion in tax credit equity in 49 proprietary and multi-investor funds, financing development in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.
About Sycamore Development
Sycamore Strategies LLC, d/b/a Sycamore Development, was founded in 2016. The firm is committed to building exceptional affordable housing in high-demand areas, benefiting both residents and the surrounding communities. Sycamore has been part of 20 successful Low Income Housing Credit applications since its inception and specializes in mixed-income, adaptive reuse projects.
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