Carbon Cos. Lands $138M for Dallas Luxury Development
BayBridge Real Estate Capital originated the bridge loan.
Carbon Cos. has obtained a $138.3 million bridge loan to refinance the first two phases of The Links on PGA Parkway in Frisco, Texas. BayBridge Real Estate Capital originated the note provided by MF1 Capital LLC, a lending platform owned by the joint venture of Berkshire Group and Limekiln Real Estate Investment Management.
Previous debt includes a $41.3 million construction loan provided by Origin Bank in March 2020, according to Yardi Matrix information. Oakwood Bank, Simmons Bank and Century Bank also provided financing for the project.
The Links on PGA Parkway is a four-phase luxury multifamily development that is expected to comprise 1,310 units at full build-out. The developer is currently in the process of securing construction financing for the last two phases.
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Partners on the project’s first two phases included general contractor Carbon Landmark Construction, alongside architecture firms Architecture Demarest and GSR Andrade Architects. Kimley-Horn and Associates served as civil engineer.
Totaling 690 units, Phases One and Two came online in December 2021 and October 2023, respectively. They comprise one-, two- and three-bedroom floorplans ranging between 639 and 1,452 square feet, Yardi Matrix shows.
Common-area amenities include two clubhouses, two swimming pools with outdoor lounges and two fitness centers. The master plan will also feature a golf simulator, yoga room, business center, conference room, poolside cabanas and tanning shelf, as well as EV charging stations and workspaces.
Surrounding a 2-acre park, the development is taking shape at 15950 Paramount Way, some 6 miles from downtown Frisco. Downtown Dallas is within 34 miles southeast, while the DFW International Airport is 28 miles away.
BayBridge’s Jay Miller, Spencer Miller, AJ Felberbaum, Gabe Stolar and Noah Rothman arranged the financing together with Carbon Cos. CEO Ed Garahan and CFO John Hood.
Dallas-Fort Worth’s growing multifamily inventory
Dallas-Fort Worth had 260 multifamily developments under construction as of October, expected to add some 69,500 units to inventory, Yardi Matrix data shows. Additionally, the market is home to more than 650 prospective projects or in different planning stages.
In August, a joint venture of Hunt Capital Partners, Bonner Carrington and Sycamore Strategies has secured $86.3 million for the development of Cypress Creek Apartment Homes at Montfort Drive. The 168-unit Dallas community is expected to come online in 2026.
Other multifamily construction activities in the area include the topping out of One Rangers Way, a 300-unit luxury project in Arlington, Texas. The Cordish Cos. and Major League Baseball’s Texas Rangers are developing the eight-story property which is part of the Entertainment District.
