After utilizing a $51.3 million construction loan to build a 300-unit rental property in Frisco, Hillwood sold the project to AEW Capital Management. Commercial Edge reported that Comerica Bank originated the debt.
JHP Architecture designed the five-story building. The units comprise studio, one-, and two-bedroom layouts, averaging 902 square feet. The Casey features coworking spaces, a gym, conference rooms, and a swimming pool, among other amenities.
Located at 4250 Gridiron Road, the community is about 25 miles north of downtown Dallas. A 1 million-square-foot retail center is about 3 miles away.
The Casey is part of the $1.8 billion, 242-acre mixed-use development Frisco Station, built by Hillwood, VanTrust and The Rudman Partnership. At completion, it will comprise 2,400 multifamily units and 3 million square feet of office space. Plans also call for medical outpatient buildings and retail space.
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