Woods Rogers represented a client with expertise in real estate and finance in its lending role as part of a $450,000,000 project to redevelop a historic office building in Dallas, TX.
The First National Bank building—standing at 52 stories—was the tallest tower west of the Mississippi River when it opened in 1965. Dallas-based real estate developer Todd Interests arranged the financing structure with Virginia based Octagon Finance providing a $114,500,000 bridge loan secured by state and federal historic rehabilitation tax credits.
Woods Rogers’ attorney Alden English said, “It was a pleasure to be a part of the team that will bring Dallas’ iconic bank tower back to its glory. As this client and others look to expand their business interests, we will work hand-in-hand with them using our experience in tax credit finance and real estate development not only in Virginia where we are based, but nationwide.”
The multi-use redevelopment of the 1.5 million square foot First National Bank building will include apartments, a hotel, restaurants, and retail spaces. The project is slated for completion at the end of 2020. Octagon’s Managing Partner, John P. Williamson Jr. said, “We enjoy working with Alden and the tax credit team at Woods Rogers, and appreciate the expertise and value they bring to our multistate projects.”
The Octagon Finance team is composed of seasoned professionals with expertise in historic tax credit redevelopment, credit markets, project management, and finance. For more information on Octagon, visit octagonfinance.com.
Read more about the project from the Council on Tall Buildings and Urban Habitat.