The Interurban Building is located in the historic district of downtown Dallas. Built in 1916 as the Interurban Train Station, the property was designated a historic landmark in 2006 and was revitalized as a mixed use property including 134 loft units, a grocery store on the ground floor, and a 5 story parking garage. Following the renovation and lease-up of the property, the previous owner was unable to support its debt service.
Bridge Partners acquired the note secured by the Interurban Building in a 10 day, all-cash closing. Within two months of acquiring the note, Bridge Partners foreclosed on the property and began an extensive renovation which included the addition of a new leasing center and upgrades to the lobby, elevators, resident lounge, and fitness center. Within the first year of ownership, occupancy at the Interurban Building increased from 85% to 96% and the property was successfully re-positioned to take advantage of its strong location in the growing downtown Dallas housing market.