StreetLights, Westdale score $72M loan on Deep Ellum apartment tower

Westdale Properties and StreetLights Residential just scored financing for an apartment high-rise in Dallas’ Deep Ellum neighborhood.

The developers of the Hamilton, a 26-story, 310-unit building at 2525 Elm Street, received a $73 million loan on the property from Forethought Life Insurance, the Dallas Morning News reported. 

The Hamilton is part of an eight-acre mixed-use development called the Epic, which comprises residences, office buildings, retailers and a hotel. It’s the largest mixed-use development in Deep Ellum, east of downtown Dallas. 

The Hamilton’s first units opened in 2020, and it quickly became a sought-after apartment in the fast-growing neighborhood. Rents start at around $2,000 a month for the smallest units, and the largest floor plans cost more than $4,000 a month, according to its website. Amenities include a private bar, fitness center and a rooftop pool deck.

A tight lending climate and high interest rates have made it difficult for developers and property owners to obtain adequate financing for their holdings, hindering development activity across most of the country. 

Some developers have had luck securing loans in Dallas, though, even after several high-profile banking failures rippled throughout the real estate industry. 

Last month, ZOM Living secured a $109M refinance loan on the 41-story Atelier Tower near Dallas’ Arts District. One month prior, an affiliate of Harbor Group International refinanced the 900-unit Alesio Urban Center in Irving with a $122 million loan. 

—Quinn Donoghue

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