Virtua Recapitalizes Dallas Property

The new capital is being used to fund tenant improvements, leasing commissions and property upgrades.

Midtown AtriumMidtown Atrium

Dallas—Virtua Partners has announced the $18 million recapitalization of Midtown Atrium at 5525 Lyndon B. Johnson Freeway in Dallas. The 113,359-square-foot office complex offers six floors, common area Wi-Fi and 426 parking spaces. Originally built in 1979, the property underwent renovations in 1994, according to Yardi Matrix. The building faced trouble when its sole tenant, Republic Insurance, notified the owners they would not be renewing their lease when it expires in February 2017.

Virtua assisted the tenant-in-common investors with an extension of the current senior loan and the investment of $2 million in preferred equity. Versant Commercial Brokerage Inc. assisted in placing the new preferred equity, and Clear Vista Management will provide asset management services. Both companies are Virtua affiliates…

Virtua Recapitalizes Dallas Property

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