Copeland Lands $33M for TX Asset
The loan will be used to finance the ground-up development of Grand on Beach Apartments, a 302-unit community located northeast of Fort Worth.
By Jeff Hamann
Development site of Grand on Beach Apartments, Haltom City, Texas
Copeland Commercial has obtained a $33.4 million construction loan to fund the development of a new, 302-unit multifamily community near Fort Worth, Texas—Grand on Beach Apartments. Endeavor Real Estate Group provided the financing, according to public records. A JLL Capital Markets team led by Curtis Jaggars worked on behalf of the developer to secure the financing package.
Located southeast of the intersection of Interstate 820 and North Beach Street in Haltom City, the property offers convenient access via Interstate 35 West to downtown Fort Worth, seven miles south. Copeland acquired the vacant 15.4-acre project site in May 2017 from Mercantile Partners, a developer of industrial and office properties in the area.
“North Texas has seen tremendous job and population growth, driving the demand for multifamily assets across the region,” said Jaggars, executive vice president with JLL, in a prepared statement. “This new development is positioned to capitalize by delivering convenient access to major highways, regional employment hubs and abundant amenities.”
Image via Google Maps
