Rizzi of Broad Street arranges $50 million in equity and construction financing

Broad Street Advisors of New York has arranged the $50 million joint venture equity and construction financing for 1400 Hi Line, a 23-story mixed-use project. The project will contain 314 multi-family units and 27,000 s/f of retail, for a grand total of 340,000 s/f. The owner is a joint venture between certain affiliates of Houston-based PM Realty Group and D.C.-based National Real Estate Advisors (f/k/a National Electrical Benefit Fund). The construction financing is provided by U.S. Bank. Broad Street Advisors was the exclusive advisor for both the equity and debt transactions. Robert Rizzi, managing partner at Broad Street, handled the transactions. 1400 Hi Line is strategically located in the burgeoning Design District of Downtown Dallas, a prime location offering superior visibility and prominence. This luxury property features a level of quality to residents and tenants that is unsurpassed in the Design District. A state-of-the-art fitness center, pool lounge and club area, fire pit, cabanas, plaza, fountain, grill, and in-building parking and retail are among the many attractive amenities available to residents. The generously-sized units themselves will have a high level of finish that, together with the project amenities are designed to attract the "Generation-Y" renter that is drawn to the Design District. The Design District is a thriving and eclectic community that offers residents over 370 shops and art/design showrooms, a number of Dallas' best restaurants, and together with 1400 Hi Line, more than 1,400 residential units. "Given the challenges in the capital markets, this project is a testament to the strength of the development team and its capital partner, as well as the project's location," said Rizzi. "The partnership and its lender are bullish on the Dallas multi-family market, where fundamentals remain strong, and limited development is expected over the next couple of years," Mr. Rizzi added. "The Design District is among the most dynamic neighborhoods in Dallas", said Mr. Rizzi.