FORT WORTH-CypressEquities Cos. closed on a $14.5 million construction loan for the third phase of the mixed-use West 7th. The money will be used to develop approximately 32,000 square feet of retail and restaurant space and 96 units.
The three-year, floating rate loan was put together by OmniAmerican Bank in participation with Southwest Bank. Ground broke on the 1.1-million-square-foot West 7th, located at West 7th Street and University Drive North in 2007, parts of the project came online in 2009; and this third phase will be the final one.
“Our team is excited to have the opportunity to expand West 7th through the financial backing of OmniAmerican Bank and Southwest Bank,” said Mike Holsomback, managing director of Cypress Equities, in a statement about the loan. “This new funding will allow us to build the third and final phase of our vibrant mixed-use development that is the gateway to Fort Worth’s world-renowned Cultural District.”
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