FORT WORTH-CypressEquities Cos. closed on a$14.5 million construction loan for the third phase of themixed-use West 7th. The money will be used todevelop approximately 32,000 square feet of retail and restaurantspace and 96 units.

The three-year, floating rate loan was put together byOmniAmerican Bank in participation withSouthwest Bank. Ground broke onthe 1.1-million-square-foot West 7th, located at West7th Street and University Drive North in 2007, parts ofthe project came online in 2009; and this third phase will be thefinal one.

“Our team is excited to have the opportunity to expand West 7ththrough the financial backing of OmniAmerican Bank and SouthwestBank,” said Mike Holsomback, managing director ofCypress Equities, in a statement about the loan. “This newfunding will allow us to build the third and final phase of ourvibrant mixed-use development that is the gateway to Fort Worth’sworld-renowned Cultural District.”

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