Metropolitan Capital Advisors Secures Two Loans for RedBird Mall in Southwest Dallas

by John Nelson

DALLAS — Metropolitan Capital Advisors (MCA) has arranged two loans to finance RedBird Development Group’s redevelopment of RedBird Mall, an enclosed regional mall in southwest Dallas formerly known as Southwest Center Mall. MCA arranged a $7.1 million acquisition loan through Dallas-based Graham Mortgage for the mall’s former Sears department store. The University of Texas Southwestern Medical Center (UT Southwestern) has agreed to lease the entire 150,000-square-foot wing of the mall. The new RedBird Medical Center is slated to open in 2021. MCA also arranged a $12.7 million construction loan to finance the redevelopment of the former Dillard’s department store that will be occupied by medical office and job training users including Parkland Hospital, Work Ready U and Work Force Solutions. Origin Bank provided the construction loan. The Growth South Fund, a private equity fund that targets south Dallas, also provided financing for RedBird’s Mall redevelopment. RedBird Development Group is an entity headed by Peter Brodsky, Terrence Maiden and Jon Cochran. The new RedBird Mall will feature 300,000 square feet of office space, 400,000 square feet of retail and restaurants, apartments and a Courtyard by Marriott. Palladium USA is building the multifamily component, according to The Dallas Morning News.

You may also like