Rosewood-Branded Dallas Condo Project Lands $98 Million Loan

The developers behind an ultra-luxury condominium highrise in Turtle Creek landed a $97.5 million construction loan.

The funds will finish off the nearly complete 33-unit Rosewood Residences Turtle Creek, at 3555 Dickason Avenue, the Dallas Business Journal reported. The debt, from University Place Asset Management and Axonic Capital, amounts to nearly $3 million per unit.

The developer, One Turtle Creek LLC, is a joint venture between Swiss wealth advisory firm SVAG and USA Infrastructure Investments.

The deal refinanced the previous construction loan and provided the needed capital required to complete the 17-story project.

The units are expected to be priced from $3 million to $20 million, spanning 2,000 to 6,380 square feet. Its amenities will include views of the Dallas skyline, a private garden, infinity pool, dog park, pet spa and library.

The building will be managed by Rosewood Hotels & Resorts. It’s within walking distance from the five-star hotel Rosewood Mansion on Turtle Creek, where Rosewood Hotels & Resorts was founded. The hospitality company is now headquartered in Hong Kong.

The units are expected to attract locals as well as buyers from all over the world, said Eric Sitman, managing director of Axonic Capital. Chicago-based Lucien Lagrange Studio is the architectural firm working on the project, and Compass is handling sales.

The project is anticipated to be completed in about a year.

The Dallas luxury condo market is less developed than in cities like New York and Miami, but it’s gradually maturing. Other developments underway include the Knox Hotel and Residences, which will be managed by Auberge Resorts Collection. The developer is a venture of Michael Dell’s MSD Partners and Dallas-based Trammell Crow Company. It’s expected to have 48 condos and 150 hotel rooms. Raising Cane’s founder Todd Graves last year bought a penthouse in the building, which had been listed at $25 million.

—Eric Weilbacher