(Read more on the debt and equity markets.)

PLANO, TX-With construction under way, Lexington Luxury Builders has struck a deal with a New York City-based equity partner for the 98-unit Lexington Park at Rice Field and its future projects too. The buy-in is starting with a $26-million transit-oriented townhouse development in the city’s historic Downtown.

The Dallas-based developer, which is the architect and general contractor too, got the project moving with construction financing from Texas Capital Bank, getting a revolving vehicle with a take-down component as units sell, according to Stuart Wernick, president of Dallas-based Quantum First Capital. With funding in place, Wernick focused on match-making the right long-term equity partner to Lexington Luxury Builders, led by Scott Schaefer.

“Scott is being sought after by many municipalities to build his product close to rail stations. He knows how to interact with municipalities and transit authorities,” Wernick tells GlobeSt.com. “The issue was getting an equity investor to understand townhome single-family development.”

Schaefer won the city’s nod in late 2005 as its developer for the 6.3-acre tract along Avenue G between 16th and 18th streets, the site of Plano’s first high school football stadium and two blocks from DART’s light-rail station. Schaefer’s company dug into construction as the equity deal was rounding the final stretch, Wernick says. The first units will deliver by midyear.

Lexington Park at Rice Field is two- and three-bedroom units will have a central park and additional common-area green spaces. The units, ranging from 1,600 sf to 2,400 sf, will cost $270,000 to $350,000. Wernick points out townhouse buyers are eligible for special funding because the project is so close to the rail station. In addition, 14 two-story Victorian-style brownstones are eligible for a property tax discount as part of the municipal agreement because they are situated in the Plano Heritage District.

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.

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


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.