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KATY, TX-With $19.4 million of construction funds in hand, Dallas-based Today Realty Advisors next week will break ground on a 312-unit multifamily development near Interstate 10. Despite the high-leverage nature of the financing, the lender has OK’d an interest rate with a 175 basis-point float over Libor.

“That’s a very, very good spread for a high-leverage loan,” says Roy Norwood, head of Henry S. Miller Investment Banking Group in Dallas. He tells GlobeSt.com that the 27-month loan equals 85% of the cost for Mason Park Apartments.

Today Realty Advisors has acquired a 13-acre tract along Mason Park Drive, just one block south of Interstate 10. The 14 residential buildings and three parking garages will begin to deliver 13 months after construction goes into full swing.

Norwood says Today Realty is planning to build to the market. “It’s not New Urbanism. It’s an apartment complex, but it’s a big one,” he says.

To get the ball rolling, Norwood and Henry S. Miller’s Loy Shaw arranged financing through a major national bank, with the final papers getting inked in less than 60 days from the application date. “It was a very easy deal and both parties did what they said they’d do,” says Sam Kartalis, president and COO of Henry S. Miller Cos. “We were doing what we could for good friends of the company.”

The one-, two-, and three-bedroom apartments will average 889 sf. Projected rents for the class A units is $1.01 per sf.

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