Stackource recently arranged a multifamily non-recourse construction loan for a project in Northern Dallas in the amount of $37,500,000. In order to address a shortage of quality class A apartments in the region, the developer plans to build 306 units in this growing Dallas suburb. The project will be luxury apartments and the construction period is estimated to be 18 months.
The lender is New York based, where Senior VP of Business Development, Beth Mercante is located. With Beth’s expertise, the developer was able to navigate the capital funding and underwriting process. The finished product should add much needed inventory to the market and has great visibility and accessibility. Beth and the rest of the StackSource team are excited to see the finished product!