Anthem Lands $63M Financing for Dallas Community
Nova Capital arranged funding for the 340-unit Lofts iThirty.
Anthem Development has secured debt and equity financing for its latest 340-unit multifamily project in Garland, Texas. The developer secured a combined $63 million of joint venture equity and debt from an undisclosed institutional JV equity partner and Bank OZK. Nova Capital arranged the financing, which will be used for the acquisition and development of Lofts iThirty.
The developer is planning to break ground on the project this month, with an expected completion scheduled for sometime in 2025. According to Anthem, Lofts iThirty could see its first resident move-ins as early as the third quarter of 2024.
The luxury community will offer one-bedroom and two-bedroom units in five four-story buildings. The community’s amenities will include a game room, coffee bar, remote work lounge, two pools and outdoor kitchens.
Lofts iThirty is located at the northwest corner of Broadway and Interstate 30, a 13 mile drive to downtown Dallas and a short commute to some of the area’s major employers like American Airlines, Southwest Airlines and Baylor Scott & White. Anthem designed Lofts iThirty to be pedestrian-friendly, with the community being within walking distance to several entertainment, restaurant and retail options including Walmart and Kroger.
According to Anthem, Garland is one of the most-active submarkets in the Dallas-Fort Worth metro. The city has seen a variety of transactions and new developments in the last few years, including the development of a 107-unit mixed-income community that’s being undertaken by Palladium USA and the sale of The Residences at Mesa Ridge, a 492-unit project, in December 2021.
Working together in Texas again
In a prepared statement, Anthem CEO Ross Frankfurt said the financing represents the second project between the company, its institutional JV equity partner and Bank OZK in the past 14 months. The trio previously worked together on Miles One 90, a 389-unit community in Sachse, Texas, where Bank OZK provided a $42 million facility.
Anthem is actively looking for both development opportunities and acquisitions of existing projects, President Will McNutt said in the statement. The company has a development pipeline totaling upwards of 2,000 units and including more project starts expected later this year. Based in Dallas, Anthem’s development portfolio includes projects in several Texas cities, including Dallas, Trophy Club, Carrollton, Grand Prairie.