(To read more on the debt and equity markets, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.