Cronheim Arranges $55.5M Construction Financing for New Apartment Community in Allen, Texas

Phase II of Dolce Twin Creeks will bring the entire community's unit count to 740.

ALLEN, TEXAS — Cronheim Mortgage has arranged a construction financing syndicate package totaling $55.5 million for the second phase of Dolce Twin Creeks, a multifamily community in Allen. Phase II will be a midrise, garden-style apartment community totaling 366 units, bringing the entire Dolce Twin Creeks unit count to 740. The second phase will also feature 15,000 square feet of commercial space that will house at least one medical office tenant. Community amenities will include a two-story clubhouse, fitness center, resort-style pool with outdoor grilling stations and cabanas, elevators, large corridors and a dog park. The borrower was not disclosed. Cottonwood Communities provided a mezzanine portion of the construction loan that was included in the syndication package. BridgeInvest and JLJ Capital hold the senior loan portion. Cronheim Mortgage will act as servicer and correspondent and is handling approval and disbursement of all construction draws.

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.

Related News

Updated daily:
How Will COVID-19 Impact the Commercial Real Estate Industry?
Click here.

COVID-19 Webinars: Learn more about the CRE industry's response to the coronavirus. Sign up.

Read the Digital Editions

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Ancillary Retail

Student Housing Business

Seniors Housing Business