Second Phase of Allegro Breaks Ground in Texas

Behringer Harvard breaks ground on the second phase of a Texas property; and Johnson Capital arranges $75 million for a 1,271-unit portfolio acquisition.

Allegro I

Addison, Texas—Behringer Harvard has broken ground on Allegro II, the second phase of a luxury community in acquired in December 2010. The development is slated to add 121 units on a 1.2-acre site that compliments the stabilized 272-unit first phase. The property is located in Addison Circle, a 70-acre mixed use development in Addison, Texas, about 15 miles north of Dallas.

“Allegro I has been popular with young professionals who appreciate its proximity to major Dallas employment centers, world-class retail centers and numerous dining and entertainment venues,” says Mark Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I Inc. “Allegro II will complement Allegro I by enabling us to continue to offer the same level of quality, amenities and features that have made Allegro I so popular with our residents, while providing flexible floor plan options which we expect will appeal to a broad range of potential Allegro residents.”

The community offers a pool with private cabanas and lounge, an outdoor game deck and spin-biking area, two landscaped courtyards, a barbecue area, fitness center, game room with kitchen and billiards table, a tanning bed, and a business center.

Johnson Capital closes $75M for portfolio acquisition

Florida & Texas—Johnson Capital has closed a $75 million debt and equity financing deal for Focus Development, a California-based commercial and residential owner. The funds were used for a 1,271-unit portfolio acquisition comprised of Class B and Class C units in Florida and Texas.

John Capital orchestrated the partnership with a private, low-profile equity source for the purchase of the nine communities, and placed $48.6 million of Fannie Mae financing with Centerline Capital.

The fixed- and floating-rate debt came in the form of loans totaling $35.8 million for five properties in Tampa and two in Orlando, and $12.8 million of bridge financing for the two remaining properties, located in Pasadena, Texas.