FRISCO, TEXAS — Carbon Cos. and Greenway Investment Co. have received roughly $125 million in construction financing for The Links on PGA Parkway, an apartment community located about 30 miles north of Dallas in Frisco. The debt, which was arranged by the Carbon Cos. internal team, will be used to complete the construction of the final two phases of the four-phase, 38-acre development.
The financing includes a syndicated bank loan facility and mezzanine loan. Origin Bank arranged the syndicated bank loan, with participant banks including Simmons Bank, North Dallas Bank & Trust CO, b1Bank and Century Bank.
Once fully completed in 2027, The Links on PGA Parkway will total 1,310 residential units. The first two phases of the development, which opened in December 2021 and October 2023, delivered 690 apartments and a two-acre city park. Phases III and IV will add an additional 620 apartments, as well as 815 underground parking spots. Last fall, ownership secured a $138.3 million loan from MF1 Capital for the refinancing of Phase I of the development.
Phases I and II of the development feature a mix of one, two, and three-bedroom floor plans. Community amenities include two pools with outdoor lounges, two clubhouses, two fitness centers, a golf simulator and complimentary yoga classes and golf lessons from local golf professionals. The property also includes a grab-and-go market offering grocery essentials.
“We are grateful to all of our partners for working together to secure the loan to deliver the final phases of The Links on PGA Parkway,” says Ed Garahan, CEO of Carbon Cos. “We are proud of this development and look forward to offering luxury housing to more residents in Frisco.”
Located at 15950 Paramount Way in the heart of the Frisco Urban Village, The Links on PGA Parkway is situated near the Omni PGA Frisco Resort & Spa, PGA of America headquarters, The Star, Stonebriar Centre and Baylor Scott & White’s Health Complex.
There are also several developments in the pipeline nearby, including Universal Kids Resort — which is slated to open in 2026 — and the 55-acre mixed-use Fields West development. Across the street will be Firefly Park, a 217-acre mixed-use project slated for completion in 2027. The City of Frisco and Prosper Independent School District also plan to develop a $300 million performance hall dubbed Frisco Center for the Arts.
Carbon Cos. currently has a portfolio of approximately 35,000 residential units and 390,000 square feet of office and retail space, which is valued at about $2.6 billion. The Dallas-based firm handles construction, property management, asset management and acquisitions and dispositions in-house.
Also headquartered in Dallas, Greenway Investment Co. has developed or acquired roughly 5,000 apartments and 2.5 million square feet of retail space. The company has also acquired more than 5,000 acres of land for development or investment.
— Channing Hamilton