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KELLER, TX-An affiliate of Chicago-based WhiteCo Residential has rolled a construction loan for a one-year-old suburban complex into $20 million of permanent financing in a deal arranged by NorthMarq Capital Inc.’s Denver office.

The seven-year loan was floated at a 5.23% interest rate for the 276-unit Dominion Town Center in Keller, Terri Odenweller, part of the NorthMarq team arranging the loan, tells GlobeSt.com. She says borrower of record, PR Town Center LP, was able to lock in the rate in April amid a leasing drive to fill the 23-building development at 1300 Keller Parkway. At the loan’s closing, the complex was 94% occupied.

Odenweller says the transaction was the first time that the borrower and lender, one of the Minneapolis-based NorthMarq’s life correspondents, came together. Now, the team’s working a second deal for the duo, she says. The NorthMarq team includes Gordon Mickelson and Steve Koeneke.

Dominion Town Center consists of 125 one-bedroom, one-bath apartments, ranging from 756 sf to 858 sf; 138 two-bedroom, two-bath units of 1,078 sf to 1,225 sf; and 13 three-bedroom, two-bath designs of 1,378 sf to 1,641 sf. Rents range from $800 to $1,780 per month. WhiteCo Residential leases and manages the property.

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