By Razvan Cimpean
Metropolitan Capital Advisors, on behalf of AHC Funds, secured an $11.4 million construction loan for the first development phase of East Dallas Townhomes. When completed, the asset will offer 125 units averaging 1,450 square-feet. Metropolitan Capital Advisors Senior Director Justin Laub arranged the loan, provided by a regional bank on a limited recourse basis.
The first set of units will be located within the North Henderson Avenue-Fitzhugh Avenue corridor. The townhomes will offer two bedrooms, two-and-a-half baths and attached two-car garages. The assets will be situated in proximity to schools, including Solar Preparatory School for Girls, Ben Milam Elementary School and North Dallas High School. Additionally, East Dallas Townhomes will provide easy access to and from U.S. Route 75 and multiple public transportation options.
Earlier this year, Laub was also responsible for securing the financing for Destination Residences, a 62-unit, multi-story Dallas condominium project.
Image courtesy of Metropolitan Capital Advisors