Gold Creek Lands $75M Refi for Fort Worth Community

Shannon Creek Apartments, a 672-unit community in Burleson, Texas, a Fort Worth suburb, has recently obtained $74.6 million in refinancing. Gold Creek Homes is the owner, according to Yardi Matrix information.

Greystone provided the five-year note. The Fannie Mae DUS loan has a 30-year amortization schedule.

The garden-style property came online as the largest development completed in the metro last year. The community encompasses 24 three-story buildings spread across more than 80 acres.

The unit mix consist of one- and two-bedroom layouts, ranging from 650 to 1,142 square feet. Select layouts also include private balconies and patios.

Common-area amenities include a fitness center, yoga room, clubhouse, volleyball court, business center and swimming pool, barbecue and picnic area, swimming pool and coffee bar. Additionally, the property has a dog park, pet wash, video gaming zone and community center with game room.

Located at 1650 Candler Drive, the community is within 5 miles from downtown Burleson, while downtown Fort Worth is some 19 miles away. Dallas-Fort Worth International Airport is 39 miles northeast.

Greystone Managing Director Avi Kozlowski originated the full-term interest-only note. The financing is part of Fannie Mae’s Green Building Certification program.

Dallas-Fort Worth developers still land larger loans

Despite tightening lending criteria and high interest rates, Metroplex multifamily developers still manage to secure substantial financing. This week, the joint venture of Hunt Capital Partners, Bonner Carrington and Sycamore Strategies obtained $86.3 million in financing from multiple funding sources for an upcoming 168-unit mixed-income community in Dallas.

In June, Stillwater Capital landed a $55.3 million loan refinancing the 387-unit Crystal Springs in Fort Worth. Affinius Capital issued the note for the two-building property.