ROUND ROCK, TX-A San Francisco-based merchant builder has secured a $16.72-million construction loan for the 220-unit Links at Forest Creek. The financing is a 12-month, adjustable-rate loan.
Construction is scheduled to begin in the second quarter on the 55-building complex at 3800-99 Links Lane at Gattis School Road near Red Bud Lane. The 15.8-acre project, being developed by the Trada Group, is one of the last available land tracts in the mixed-use Forest Creek golf course community. Completion is slated for the fall.
Trada's MO is to sell its finished product to investors, either lock, stock or barrel or piecemeal. "Trada develops apartment communities that have been presold to private investors, who purchase one or more of the four-plex buildings, then manages them as apartment communities to maximize returns for their investors," Kevin MacKenzie, director with Holliday Fenoglio Fowler LP, says in a press release. Telephone calls to HFF and Trada were not returned by press time.
MacKenzie secured financing through Hillcrest Bank of Kansas City, MO. According to Trada's website, the Links at Forest Creek's units have been sold out. "Our investors bought in the Links at Forest Creek because of the strong market demographics, the high visibility location and the fact that it is the only apartment community in the Forest Creek master-planned community," says Kevin Geddess, Trada's CEO. The four-plex buildings contain two-bedroom, two-bath units ranging from 915 sf to 958 sf.
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