DALLAS, TX – Hillwood, the developer of Victory Park, has formed a partnership with UST XVI Victory Park, Ltd., an affiliate of Estein and Associates, to provide all the equity capital needed to complete the nine projects underway in the $1 billion mixed-use development bordering Uptown Dallas. Estein, which is based in Orlando, Florida owns a diversified real estate portfolio across the United States, is investing along with Hillwood in all projects currently being developed in Victory Park. Estein joins Hillwood and Hicks Holdings as the significant equity investors in the project; specific terms of the transaction are confidential.
The Victory Park projects included in this partnership are: The W Hotel and Residences; The Terrace condominiums; The Vista apartments; The House by Starck and Yoo condominiums; the two Victory Plaza buildings (retail and office space adjacent to the American Airlines Center); Victory Tower (condominiums, hotel and office space); One Victory Park (office and retail space); and The Cirque apartments.
“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.”
“It is unusual to find unique real estate projects with development partners that invest significant equity in their projects,” commented Lothar Estein, President of Estein and Associates. “I’m very excited to be investing with Hillwood as I know I can rely on them to manage the project with our interests well aligned.”
Ross Perot, Jr., Chairman of Hillwood added, “Our unique real estate projects and business platforms have always been attractive to capital sources; however, Hillwood has always been very selective when choosing partners. Lothar Estein has an incredible track record with trophy real estate and best-in-class real estate firms around the United States. We are very excited that Lothar, like Hillwood, is now committed to the long term success of Victory Park.”
Located in the heart of Dallas, Victory Park is one of the country’s most significant and innovative master-planned urban developments. Victory Park is creating a new urban environment with a carefully crafted collection of emerging and reputation retail, distinctive dining, modern office space, dramatic residential units, hotels and signature entertainment venues, including the American Airlines Center. Victory Park is owned by Hillwood, a Ross Perot, Jr. company, and Hicks Holdings, LLC, owned by Tom Hicks.
Hillwood, a Perot company, is ranked as one of the top commercial real estate developers in the country and the top residential developer in Dallas-Fort Worth. The company’s developments currently house facilities for 79 companies listed on either the Fortune 500, Global 500 or Forbes List of Top Private firms. In addition to developing the American Airlines Center and Victory Park, Hillwood is best known for its development of the 17,000-acre AllianceTexas development, located 15 miles northwest of DFW Airport.
About Hicks Holdings
Hicks Holdings LLP is a private investment company formed in January 2005 as a holding company for Hicks family sport teams and real estate developments. Hicks Holdings’ sports ownership holdings include the Texas Rangers Baseball Club, the Dallas Stars Hockey Club, and a 50% interest in the American Airlines Center. In addition, the firm is a partner with Hillwood Development Company in the Victory Park project in downtown Dallas, and is also developing 200 acres around Ameriquest Field in Arlington whose neighbor will soon be the new Dallas Cowboys Stadium. Hicks Holdings is also developing 40 acres in Frisco, Texas adjacent to the Frisco Sports Complex. In November 2005, Hicks Holdings announced the acquisition of Ocular LCD Inc., a Richardson Texas based maker of high-performance liquid crystal displays.
About Estein & Associates
Estein & Associates USA, Ltd. is a closely held partnership which, through affiliates, invests as an equity partner in high profile real estate projects in the United States. Since 1994 affiliates of Estein & Associates have invested over $2 billion in projects that are located in Florida, Tennessee, Virginia, Maryland, Michigan, Illinois, Texas, Colorado, and Nevada. Such projects include the 890 room luxury Peabody Hotel in Orlando, Fl (soon to be 1640 rooms when Phase II is completed) and the Citicorp Center and Citadel Center, both premier office buildings located in Chicago, Ill. Estein’s partners comprise some of the most recognizable names in the real estate industry and include privately held companies, public company pension plans and real estate investment trusts.