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DALLAS — Virtua Partners has completed the $18 million recapitalization of Midtown Atrium, an office complex located in the northern submarket of Dallas. Virtua assisted the tenant-in-common investors with an extension of the current senior loan and a $2 million investment in preferred equity. The new capital is being used to fund tenant improvements, leasing commissions and property upgrades at the 113,359-square-foot building.
Versant Commercial Brokerage, an affiliate of Virtua, assisted in placing the new preferred equity. Virtua Partners provided the loan guarantees and stepped in as the new sponsor. Clear Vista Management, also an affiliate of Virtua, will provide asset management services for the new financing package.