DALLAS–HRI Properties has acquired and will redevelop 411 North Akard Street in Dallas as Mayflower Apartments. An affiliate of the California Teachers’ State Retirement System (CalTSRS) was the seller.
Capital One announced that it has provided a $24-million secured term loan and a $9.6-million bridge loan for the historic nine-story, 360,970-square-foot office building.
The property was built by the Mayflower Investment Co. in 1965, and is listed on the National Register of Historic Places for its architectural significance. It was purchased in 2012 by CalTSRS, which will retain the building’s 750-space underground parking garage as part of the transaction.
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