Despite lenders pulling back the reins on construction financing, a Park City-based developer has landed a multimillion-dollar loan to develop a 300-unit apartment complex along the Trinity River in Cowtown.
Talos Holdings has landed the construction loan with the help of Cushman & Wakefield through Austin-based Endeavor Real Estate Partners. Terms of the deal were undisclosed.
The funds will help build the luxury apartment community, called The View of Fort Worth, on Northside Drive along the waterside of the Trinity River, with construction slated to start this month.
With the views of downtown Fort Worth and being alongside the river, Talos Holdings founder John McWilliams Jr. said this will be “a one-of-a-kind property.”
This is the initial phase of a two-phase apartment community. The next phase could add another 200 homes to the project, bringing the apartment count at The View of Fort Worth to 500 total homes.
Plans for the mid-rise community include three stories over podium parking. The homes will range from one- to three-bedroom apartments with luxury finishes, such as stainless-steel appliances, quartz countertops and 9-foot vaulted ceilings.
The View of Fort Worth also will have a Wi-Fi cafe, pet park and dog wash area, game room and an infinity-edged pool with private cabanas and gardens.
Construction financing has become increasingly difficult to secure as the real estate market moves into a more mature part of the cycle, said Justin Shuart, a director at Cushman & Wakefield.
Shuart, Jason Pumpelly and Brian Park of Cushman & Wakefield helped Talos Holdings secure its financing.
By combining the team’s long-term relationships with lenders with a developer that has an excellent track record along with a highly desirable location made the difference, Shuart added.
Dallas-based BGO Architects is the project architect on the project. Imagine Design will oversee the interior architecture of the community.
CBG Building Co. is the general contractor. Completion is slated for late 2018. Upon the completion of construction, Dallas-based Lincoln Property Co. will manage the property.