JV PROCURES $47.35 MILLION CONSTRUCTION LOAN FOR MULTIFAMILY PROJECT

RICHARDSON, TEXAS — A joint venture between Dallas-based companies Winston Capital Corp. and L&B Realty Advisors, and Lansing, Mich.-based Municipal Employees Retirement System of Michigan, has procured $47.35 million in construction financing for Brick Row, a 500-unit multifamily community located in Richardson. Scheduled for completion in mid-2010, Brick Row will contain the residential units and 16,000 square feet of ground-floor retail space situated around two central parking structures in a park-like setting. The project is part of a larger master-planned community that will include townhomes, condominiums, retail space and a public park. The financing was arranged for the joint venture by Andy Scott of the Dallas office of Holliday Fenoglio Fowler. The lender is a three-bank syndication led by Colonial Bank, a division of Montgomery, Ala.-based Colonial BancGroup. The other two banks were Dallas-based Texas Capital Bank and San Antonio-based Broadway Bank. The loan carries a 3-year term.