Closed | $35.6 Million Non-Recourse Construction Loan on Class A Luxury Apartment Complex In Garland, Texas
January 9, 2019
Carlton Group CEO Michael Campbell is pleased to announce the closing of a $35.6 million non-recourse construction loan on a luxury apartment complex in the City of Garland, located in North Dallas. The 300 unit development will feature 580 to 1,247 SF one, two, and three bedroom floorplans situated on 15 beautiful park-like acres. The site benefits from being located in close proximity to the bustling Telecom Corridor (130,000 employed), Cityline Development (10,000 employed), and Firewheel Town Center, a 1 million SF open-air shopping mall.
Managing Director Steven Weiss executed the transaction on behalf of the firm. The 85% percent loan-to-cost (LTC) first mortgage was originated by an international balance sheet lender and closed within 45 days.
“Goals were aligned when the client replaced more expensive mezzanine/preferred equity with much lower cost first mortgage proceeds in the capital stack. We were able to structure the transaction as a whole loan with leverage up to 85% LTC. Normally you need complicated inter-creditor agreements between two parties to accomplish the same leverage goals.” Weiss explained.
The project is expected to break ground this week with the first units will be delivered for occupancy in January 2020.
For more information on the closing or to speak regarding Carlton’s services feel free to reach out to: