(Read more on the debt and equitymarkets.)
PLANO, TX-With construction under way, Lexington Luxury Buildershas struck a deal with a New York City-based equity partner for the98-unit Lexington Park at Rice Field and its future projects too.The buy-in is starting with a $26-million transit-orientedtownhouse development in the city's historic Downtown.
The Dallas-based developer, which is the architect and generalcontractor too, got the project moving with construction financingfrom Texas Capital Bank, getting a revolving vehicle with atake-down component as units sell, according to Stuart Wernick,president of Dallas-based Quantum First Capital. With funding inplace, Wernick focused on match-making the right long-term equitypartner to Lexington Luxury Builders, led by Scott Schaefer.
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