Velocis JV Secures $44M in the Metroplex
The McKinney community came online last year.
A joint venture between Velocis and CAPSTAR Real Estate Advisors has secured a $44 million loan for the refinancing of Collin Square, a 337-unit multifamily property in McKinney, Texas, according to Yardi Matrix data. Prime Finance Partners issued the note.
The new funds replaced a $34.5 million construction loan originated by Veritex Community Bank in July 2021, the same data provider also shows. The GDA Architects-designed property came online last October.
Located on nearly 18 acres at 3751 N. Central Expressway, Collin Square is roughly 35 miles northeast of downtown Dallas. Employers such as Raytheon Intelligence & Space and Independent Financial operate within 3 miles of the community.
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Encompassing eight buildings, the property features one- to three-bedroom floorplans ranging between 574 and 1,373 square feet. Amenities comprise a swimming pool, a gym, rentable attached garages, a gaming area, a dog park, as well as a conference room and workspaces.
Velocis’ business with Prime Finance Partners
The multifamily finance dealings between Velocis and Prime didn’t start here. Last December, the financial institution issued a $35.3 million note for Beverly, a 201-unit community in Charlotte, N.C., Yardi Matrix data shows. The loan retired a previous acquisition debt of $35.2 million, also held by Prime Finance Partners. Velocis acquired the property for $53 million in 2020.
In 2022, Prime Finance Partners funded Velocis’ acquisition of Arlo Buffalo Heights with a $58 million loan. Crow Holdings sold the 318-unit asset in Houston.
More metroplex multifamily units traded in 2024
Multifamily completions represented 3.9 percent of the Metroplex’s stock on a trailing 12-month basis through February, a recent Yardi Matrix report revealed. This put a dampen on rental growth, which clocked in at a negative 1.5 percent year-over-year through February.
Throughout 2024, Dallas-Fort Worth’s multifamily transaction activity encompassed 205 deals for assets of 50 or more units, according to Yardi Matrix data. Upward of 46,800 units changed hands last year—marking an 11.6 percent increase compared to 2023.
Rise Highland Park in Dallas was among the traded assets. Prime Finance Partners also funded that acquisition, through a $21.2 million note issued last September.
