Miles One 90 Gets Financing Infusion for Year-End Start
Equity and debt financing was recently arranged for the development of Miles One 90, a planned 389-unit multifamily property in Sachse. This location is one of the most active submarkets in the Dallas-Fort Worth metroplex.
Nova Capital was exclusively engaged on behalf of the sponsor, newly formed Anthem Development, a Beck Ventures Company, to arrange financing for the development of the project, which is set to break ground by the end of the year. The firm secured co-investment from an institutional joint venture equity partner with more than $6 billion in capital under management and a $42 million facility with Bank OZK, according to Steven Yazdani, managing director of Nova Capital.
“The multifamily product type continues to have a strong long-term outlook, especially in high-growth markets such as Dallas Fort-Worth,” says Yazdani. “The metroplex has the highest annual population growth in the country and boasted a GDP of just over $620.6 billion in 2020. Nation-leading in-migration and job growth is driving a healthy economy that is on track to return to pre-pandemic employment levels by next year.”
Yazdani notes that Nova Capital was able to leverage Miles One 90’s positioning as a well-located highly amenitized multifamily community as well as the strength of the sponsor to secure financing that was much more favorable than the client expected based on initial research. The property will be located on more than 11 acres at 4201 Bunker Hill Rd.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.