Cushman & Wakefield announced today that Robert Kline, Managing Director of Equity, Debt and Structured Finance, has represented San Francisco-based Drever Capital Management in arranging the private equity firm acquisition financing for the $65 million purchase of 1401 Elm in Dallas.
Drever Capital Management purchased the iconic 50-story 1401 Elm skyscraper in downtown Dallas out of bankruptcy. The company immediately announced plans to increase its redevelopment budget by 20% and transform the tower into 335 apartments, a 225-room hotel, and include a multi-level retail center, as well as a world-class spa and three restaurants. Mr. Kline of Cushman & Wakefield Equity Debt and Structured Finance Group arranged the acquisition financing and is also working on constructing financing for the project.
“A project of this magnitude requires immense amounts of patience and expertise,” said Mr. Kline. “Bryan Dorsey with BDRC Partners and Maxwell Drever are incredible industry leaders and I doubt this could have been done by anyone else. Their dedication and acumen will result in an absolutely incredible outcome for this property and the city of Dallas.”
The iconic glass building was designed and overbuilt in its time (1965) by oilman H.L. Hunt for the First National Bank. The property was designed to look like a banker’s pinstriped suit. Its construction includes a massive underground concrete 465-space parking garage. The interior features Greek marble, extensive amounts of granite and floor to ceiling windows.
Maxwell Drever and his industry renowned apartment and senior living redevelopment team took an unprecedented step of committing millions in capital to launch a redesign and construction of 1401 Elm before he even owned it. The 1.5-million-square-foot landmark has been vacant for the past five years and was sold by a partnership between New York-based Olympic Property Partners and BDRC Partners, a Dallas development company.