JLL Capital Markets Arranges Financing for Dallas Project
- Jun 09, 2021
Larkspur Capital has benefited from Qualified Opportunity Zone financing for the development of The Willow, a multifamily community totaling 190 units in Dallas. JLL Capital Markets closed on the capitalization in the interest of the developer.
Located at 3900 Commerce St., on the east end of Deep Ellum, the eight-story building will encompass 171,575 rentable square feet. The property’s residential component will encompass five stories, while the remaining three will offer concrete parking. In addition, the community will incorporate live-work units on the ground level, comprising loft-style bedrooms above work areas.
Amenities feature an elevated infinity-edge pool, a rooftop lounge on top of the 8th story, as well as indoor and outdoor co-working spaces with workstations and Zoom rooms. Additionally, the community will have a fitness center, bike workshop and coffee bar.
The JLL Capital Market brokerage team was led by Clint Coe, senior director, Will Mogk, director and Greg Toro, managing director.
Opportunity Zone support
The Willow is Larkspur Capital’s second Qualified Opportunity Zone development. This type of funding was also used by EJF Capital in February. The company closed its first Opportunity Zone investment fund with roughly $280 million in investor subscriptions and commitments.
Targeting Millennials and Generation Z demographic cohorts, an Omniplan team led by designer Stephen Lohr was tapped to execute Larkspur’s vision of the project. The firm also served as the architect of record for The Rylan, a 126-unit luxury development that opened in Vista, Calif., late last year.
Larkspur Capital entered a long-term lease with Dallas Area Rapid Transit to set up an outdoor park designed by Shane Garthoff of Garthoff Design. The recreational area will be located along a nearby rail spur.
The Dallas-Fort Worth metroplex is the largest apartment market in Texas, with an inventory of over 820,000 units. Nearly 98,000 units were absorbed over the last five years alone. The market is set projected to add 461,000 new residents and create more than 109,000 new jobs from 2019 until 2023, according to JLL Capital Markets.
Considered the live music capital of Dallas, the Deep Ellum micro-market is also a magnet for developers and investors. In April of last year, a private investor purchased Sanctuary 1518, a luxury property in the proximity of the entertainment hub.