News Article | 1/20/2006

Florida equity firm signs on as partner in Victory development

Hillwood has added an affiliate of Estein and Associates as a partner in the Victory Park development.

Estein, an Orlando, Fla.-based private equity firm, joins Hillwood and Hicks Holdings as a major equity partner in the $1 billion-plus Victory development in downtown Dallas near American Airlines Center.

Financial terms of the partnership were not disclosed.

Victory Park includes The W Hotel and Residences, The Terrace Condominiums, The House by Starck and Yoo condominiums, The Vista apartments, two Victory Plaza buildings, which consist of retail and office space adjacent to the American Airlines Center, plus other retail, residential and office projects.

“The recent pace of Victory Park has exceeded everyone’s expectations,” said Jonas Woods, president of Hillwood Capital. “This transaction, which combines the commitment of Hillwood with the capital of Estein and Associates, provides us with sufficient equity to continue proactively developing Victory Park to meet the demand for urban mixed use product.”

Dallas-based Hillwood, a Perot company, is developer of the Victory project. Besides American Airlines Center and Victory Park, HIllwood is the developer behind the massive 17,000-acre AllianceTexas, a mixed-use, masterplanned development 15 miles northwest of the Dallas/Fort Worth International Airport.

Dallas-based Hick Holdings owns the Texas Rangers Baseball Club, the Dallas Stars Hockey Club and a 50 percent interest in American Airlines Center.