A fresh injection of capital is helping materialize one of Dallas’ most luxurious properties in one of its most coveted neighborhoods.
Rosewood Residences Turtle Creek, a 17-story high rise with 33 — yes, just 33 — condos received a $100 million construction loan from two New York City investment firms, University Place Asset Management and Axonic Capital.
The branded condos are part of Rosewood Hotel Group’s first condominium project in Dallas, and floor plans range from 2,000 square feet to 6,500-square feet for penthouse units, and will cost between $3 million and $20 million.
Rosewood Residences Turtle Creek, a 17-story condominium tower, will have about 46 luxury residences and is planned two blocks from the landmark Mansion on Turtle Creek Hotel in Dallas.
Contributed / Lucien Lagrange
“Axonic worked quickly and nimbly with the developer to provide this timely financing despite the challenging circumstances with the prior lender, ensuring that this in-demand development remains on track to be completed efficiently,” said Eric Sitman, managing director at Axonic.
The property suffered setbacks including construction delays and a foreclosure notice in July. Public documents don’t reveal what prompted the foreclosure, simply that the entire $56 million in the original note came due. The notice names an entity tied to the project’s developer, USA Infrastructure Investments as the borrower. Fort Lauderdale-based real estate investor BH3 Management was the current note holder, with the original loan issued by New York-based Kriss Capital.
Despite financing snags, construction on the property is still humming along and on track to deliver by summer 2026, said developer Preston Cheng, president of USA Infrastructure Investments.
Cheng did not comment about the foreclosure, but said the new loan — a markedly larger sum than the original — was to ensure the group delivered a high-quality product.
In addition to refinancing the original construction loan, a statement issued noted the new loan would “replenish interest reserves and provide the capital required to complete the development of the condominiums.”
Reservations for condos at the property have also been available since March. Cheng did not reveal the exact number of condos that have been reserved.
“The building just recently topped out and sales are already exceptionally strong,” Ameesh Agarwal, chief investment officer with University Place said in a statement. “We believe this is among the most luxurious residential projects in Dallas, which makes it an excellent investment in a thriving market.”
Marketing materials for the property note “Residents of Rosewood Residences Turtle Creek enjoy exclusive access to Rosewood’s world-class hotel, with daily service that rivals the luxury experience of staying at one of the Rosewood Hotel’s [sic] across the world.”
The tower was designed by Chicago-based architect Lucien Lagrange and New York interior designer Dan Fink Studio.
Amenities at Rosewood Residences include a rooftop oasis and infinity pool, a private garden, private dining room, fitness center, library dog park and pet spa.
