JLL Capital joined forces with BridgeInvest to provide a senior loan totaling $45.5 million to support construction of Dolce Twin Creeks, Phase II, in Allen, TX. Sovereign Properties will develop the 366-unit apartment complex, which will be situated on 10 acres on Junction Drive, near U.S. 75, in the far-north Dallas suburb. Cottonwood Communities Inc., a non-traded REIT, has also committed lending of up to $10 million for the project.
The new project is scheduled to be completed by Q4 2020, and will include a fitness center, resort-style pool and business lounge. A 15,000-square-foot medical office building will be adjacent to the apartment complex.
“We are actively looking to partner with experienced real estate operators who are looking to move away from traditional banks for financing options that will allow them to more quickly develop or finish existing projects,” said JLJ Capital’s Jonathan Lewis.
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