Kalterra Capital Lands $26M Construction Loan
- May 04, 2018
Kalterra Capital Partners has landed a $26.3 million construction loan, which it will use to finance the development of the Garden Valley Apartments, a 213-unit market-rate community in suburban Dallas. Love Funding originated the mortgage through HUD’s 221(d)(4) loan insurance program, enabling the lender to provide low-rate, non-recourse financing for the construction and a subsequent 40-year term.
Located at 231 Park Place Blvd. in Waxahachie, Texas, the eight-building development broke ground in April 2018, according to the Waxahachie Chamber of Commerce. The 12-acre site is positioned approximately half a mile from U.S. Highway 287, providing access to downtown Dallas via Interstate 35 East. The project sits within two miles of a number of big-box retailers, including Target, The Home Depot and Best Buy.
The community’s three-story buildings will offer a range of one- and two-bedroom apartments. Planned on-site amenities include a resort-style swimming pool, attached garages and a two-story clubhouse. The property, designed by Cross Architects, will be constructed to meet the National Green Building Standard Program’s Green MIP reduction program, lowering the mortgage insurance premium rate by 25 basis points.
Brownstone Construction is the general contractor for the project, and Sunridge Management Group will manage the asset upon completion.