Construction got under way when the 230-unit first phase's occupancy pushed 93%, according to Andrew Scott, associate director for Dallas-based Holliday Fenoglio Fowler. The $15.5-million project is rising on 11.4 of 40 acres at the southeast corner of Joe Wilson and Pleasant Run roads, which is 15 miles southwest of Dallas.
Scott tells GlobeSt.com that the developer, Zidell Properties of Dallas, will impose a rental rate of about $1 per sf in a project with an average unit size of 1,000 sf. Clifford Wong of Dallas designed the project, which is being built by Zidell Construction Co.
Legacy Partners Ltd., acting as Zidell's borrower of record, secured a $12.6-million loan with a five-year term and 6.14% fixed interest rate from Principal Global Investors of Des Moines. The project's first phase was financed through HUD and the second leg was scheduled to do the same until Principal stepped in, according to Scott.
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