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Mar. 4, 2013

Adriatica Village Apartment Community in McKinney Receives $25M Loan

By Camelia Bulea, Associate Editor

Condos under construction

Developers plan to break ground on a new 211-unit apartment community in Adriatica Village, a European-inspired mixed-use town center development in McKinney, after having received $24.9 million for construction work.

Dubbed St. Paul Square, the apartment community is expected to be completed by late summer 2014, according to the Dallas Business Journal. The $24.9 million loan was arranged by Washington, D.C.-based Love Funding. According to an official statement by the company, the loan for the Class A multifamily project was secured through the U.S. Department of Housing and Urban Development’s loan insurance program for new construction projects.

Ranging from 700 square feet up to 1,600 square feet, the available homes will include one-, two- and three-bedroom luxury units, according to the Adriatica Village Web site.

The 45-acre Adriatica Village will also feature single-family homes and condominiums, retail stores, restaurants, medical offices, as well as a weekly farmer’s market near the center’s bell tower. The unique project is being modeled after Supetar, a fishing village located on Croatia’s coast, featuring many elements from the old European architecture, according to Love Funding.

Initially conceived by Jeff Blackard, the town center project is now being led by developers David Brooks and George Fuller, the Dallas publication noted.

Photos courtesy of Adriatica McKinney, Texas Online

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