Zale Properties Lands Texas Construction Financing
The Monarch’s estimated completion date is the first quarter of 2027.
Zale Properties has secured construction financing for The Monarch, a 325-unit luxury community in the Dallas suburb of Allen, Texas. JLL arranged the four-year, floating-rate loan through Kennedy Wilson.
The development is set to include a mix of one-, two- and three-bedroom units across 302,696 net rentable square feet. Homes in The Monarch will average 931 square feet. Gated unit patios, a pool, outdoor grills and a fitness center are set to be part of the amenities package.
The community at 1424 Bliss Ave. is located at the intersection of Alma Road and Highway 121. Its estimated completion date is the first quarter of 2027.
“This is a vibrant mixed-use corridor that offers premier access to DFW’s most in-demand entertainment and employment centers,” Dallas-based Bo Beidleman, director, JLL, told Multi-Housing News. “This is a unique site at the intersection of some of the strongest demand drivers in North Texas. It benefits from multiple active developments nearby, affluent demographics and upscale lifestyle amenities.”
The Monarch is set to be built within an 80-acre mixed-use development near several other major multi-phase developments, retail centers and office spaces. The population in the 1-mile radius around the community has grown 157 percent since 2010.
The JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director John Brownlee, Beidleman, and Analysts Chad Lisbeth and Jordan Buck.
Early this year, Zale Properties received a $49.9 million loan to begin construction of The Grove at La Frontera, a 396-unit luxury development in Arlington, Texas. Upon its completion in spring 2025, the community will comprise 336 apartments and 60 bungalow-style single-family rental units. It will feature one-, two- and three-bedroom floorplans and 10,000 square feet of retail.
In October, JLL facilitated the sale of Coronado Apartment Homes, a 264-unit community in Dallas. In addition to representing the seller, JLL secured a $23.2 million Freddie Mac loan for the buyer, Archway Equities. This transaction marks Archway’s first investment in the Texas market after a two-year hiatus.
