PGIM Real Estate has provided a $24 million mezzanine loan on behalf of its structured debt strategy to Resia for the development of a multifamily community in North Fort Worth (photo), Texas. Jesse Wright at JLL Capital Markets arranged the financing. Bank OZK provided a $58 million senior loan.
The eight-story community will have 464 units across two buildings located on an 8.5-acre land site in the broader North City master plan. The amenities, located at the center of the two residential buildings, will include a pool, a 24-hour fitness center, and a resident clubhouse. Apartment units will feature stainless steel appliances, granite countertops, in-unit washer and dryers, and private patios.
Resia’s Leonardo Corrêa added, “This project marks our third community within the Dallas-Fort Worth metro area and our fifth in Texas, and we look forward to working with partners who share our vision for providing well-designed, attainable housing options.”
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