A repeat broker reached out to LFB in search of an acquisition, development, and construction loan for their client. The sponsor was under contract to purchase two adjacent parcels in Grapevine, TX. Phase 1 consisted of closing on the first parcel, developing the land, and building the initial 10 townhome units of the project. Phase 2 will consist of building out the next 22 units in the project (32 total).
LFB provided the sponsor with a 90 % LTC loan to purchase and develop the land, and also build out the first 10 townhomes. LFB will also provide additional financing to complete phase 2 of the project. The project will offer luxury residences located in the heart of historic downtown Grapevine, TX. The units will range from 2500-3600 square feet, and each will include personal elevators and a rooftop terrace with picturesque skyline views. The sponsors are local to the market and have extensive individual experience throughout all stages of the real estate cycle. The proven track record and experience of the sponsor made this an ideal loan for LFB to finance. LFB will continue to work with reputable brokers and experienced sponsors to provide high-leverage construction financing on single and multi-family projects nationwide.
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