Hunt Capital Partners has announced the financial closing of West End Lofts, a $125 million mixed-income, mixed-use redevelopment to be located at 711 and 805 Elm Street in downtown Dallas’ West End.

Led by Sycamore Development, the project will transform a portion of the West End district into “an innovative and pedestrian friendly hub for housing and retail while preserving the area’s architectural heritage,” Hunt Capital said.

News of the development offers a glimmer of sunlight for downtown Dallas, which is still reeling from the news of big planned departures including AT&T, the Dallas Mavericks, and the Dallas Stars.

Sycamore’s Zachary Krochtengel said the West End “has extraordinary bones, and these two buildings tell an important story about Dallas’ early commercial history.”

“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,” he added in a statement. “West End Lofts isn’t just housing; it’s a long-term investment in the vitality of this entire district.”

West End Lofts will offer 154 new homes in 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’s thought to be the city’s first parking garage. A “thoughtfully designed” pedestrian plaza will connect the buildings, bringing green space to a former surface parking lot at 211 N. Austin Street.

Amenities and financing

Per Hunt Capital and Sycamore, 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 include 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,” Weiss added in a statement.

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, part 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.

David Seeley contributed to this story.

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