DALLAS – August 13, 2019 – Berkadia today announced the financing for Stacy Pointe Apartments, a multifamily property to be constructed in Allen, Texas. Senior Director Chad Bedwell of Berkadia’s Dallas office originated the $47.23 million construction loan through HUD. The borrower was Texas-based Stacy Pointe Partners LP, and the deal closed on July 12.
The 221(d)(4) construction loan features an 85 percent loan-to-cost ratio. With the improving interest rate environment, the borrower was able to maximize the loan proceeds.
Stacy Pointe Apartments will be constructed at 1845 Chelsea Blvd., affording convenient access to N. Central Expressway and the shops and restaurants along Stacy Road and within the Stacy Green urban development area. The four-story property will offer one- and two-bedroom floor plans. Community amenities will include elevators, a tuck-under parking structure, a swimming pool, a business center, a fitness center, media areas, co-working areas and controlled access and connection to the community parks and trail system near Cottonwood Creek.