Dallas-based HALL Structured Finance (HSF) closed a new first-lien construction loan totaling $15.5 million to finance the development of a 144-unit apartment complex in Gregory, 10 miles outside Corpus Christi. The project developer is Tim Torno with Torno Properties, LLC and his LP partner Cleburne Oaks GP.
“We expect this apartment complex to fill a void in the community and be a property that will thrive in this growing market,” said Mike Paynes, president of HSF.
The complex will include seven three-story garden-style buildings featuring stainless steel appliances, granite countertops, wood cabinetry, walk-in closets, and in-unit storage. Most will have their own private patios.
The immediate area is currently experiencing billions of dollars of investments in industrial growth with complexes such as the new ExxonMobil plant, expected to be completed in 2022.
Elad Dattelkramer, co-founder of ARC Israel, sourced the financing for the project.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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