A partnership between LDG Development and Dallas Public Facility Corp. has secured financing for the 300-unit The Standard at Royal Lane project in Dallas. Merchants Bank of Indiana provided a $63.4 million construction loan to the developers, according to public records.
Upon completion, half of the units will be set aside for households earning 60 to 80 percent of the area median income, with the remaining half rented as market-rate apartments. The Standard at Royal Lane is planned to be delivered by July 2024.
The mixed-income project is estimated at $70 million and represents LDG’s third development in Dallas. Construction at the upcoming community began in June, and the development is set to have one- to four-bedroom units, as well as two pools, two fitness centers and a clubhouse.
Located at 2737 Royal Lane on a 12-acre site, The Standard at Royal Lane will be some 12 miles northwest of downtown Dallas and roughly 8 miles north of Dallas Love Field Airport. Several retail, dining and entertainment options will be available within a 1-mile radius.
Active in other southern markets, LDG Development also closed a $40 million direct bond purchase for the financing of Lone Oak Meadows earlier this year. Bellwether Enterprise Real Estate Capital originated the financing for the 312-unit affordable housing community in South Louisville, Ky.