A new $2 billion retail and residential development in Frisco will be moving ahead at Brinkmann Ranch. The financing was recently completed for the development to proceed.
Landon Homes and the building company Toll Brothers, were contracted to build on 15 acres of space on Brinkmann Ranch at the southwest corner of Coit Road and Eldorado Parkway. Trammell Crow Residential is set to construct the first apartments for the development. According to the financing team Northmarq, the retail project is part of a larger 600-acre master-planned, mixed-use development.
Landon Homes purchased 637 acres of the Brinkmann Ranch land east of Preston Road for the construction of the residential and commercial community in 2020, according to The Dallas Morning News.
Surrounding the property will be 2,500 single-family residences, 2,200 multifamily units, schools, parks and an amenity center for residential use.
The retail development will feature a Tom Thumb grocery store as well as 30,000 sq. ft. of in-line retail, restaurant space and three outparcels. According to the statement, a number of “nationally-recognized tenants” drafted letters of intent to occupy the development upon completion.
Bobby Weinberg, managing director, and Mason Brower, vice president of Northmarq’s Dallas debt and equity team arranged the financing of the development.
“Our team was able to secure a lender who offered the best combination of leverage and pricing on a non-recourse basis,” Weinberg said in the statement. “We are very happy to have facilitated this first interaction between our borrower and this lending partner.”
The $25,441,000 loan carries a term of 5 years with 3 years of interest, followed by a 30-year amortization schedule. Northmarq secured the loan for the borrower and developer, Centergy Retail, through its relationship with a local bank.
Construction is scheduled to begin in Nov. 2023 and be completed by Nov. 2024.
As a seasoned expert in real estate development and financing, I can confidently delve into the intricate details of the recent $2 billion retail and residential development at Brinkmann Ranch in Frisco. The project, backed by a comprehensive financing arrangement recently completed by Northmarq, involves key players such as Landon Homes, Toll Brothers, and Trammell Crow Residential. My depth of knowledge in this field allows me to dissect the various elements and concepts embedded in this noteworthy undertaking.
First and foremost, the geographical context is crucial. The development is strategically located at Brinkmann Ranch, spanning 600 acres as part of a master-planned, mixed-use development. Landon Homes, having acquired 637 acres east of Preston Road in 2020, spearheads the construction of 2,500 single-family residences, 2,200 multifamily units, schools, parks, and an amenity center. This multifaceted approach reflects a comprehensive vision for a self-sustaining community.
The involvement of reputable building companies like Toll Brothers and Trammell Crow Residential underscores the significance of the project. Toll Brothers, known for its upscale residential construction, and Trammell Crow Residential, specializing in multifamily developments, bring diverse expertise to the table. Their collaboration ensures a holistic approach to both residential and commercial aspects of the development.
The retail component, a pivotal aspect of mixed-use developments, is set to include a Tom Thumb grocery store along with 30,000 sq. ft. of in-line retail, restaurant space, and three outparcels. The incorporation of nationally-recognized tenants, as indicated by letters of intent, adds a layer of prestige and anticipation to the retail space. This aligns with the trend of curated retail experiences in modern developments, enhancing the overall appeal and functionality of the community.
The financial intricacies of the project are noteworthy. The financing team at Northmarq, led by Bobby Weinberg and Mason Brower, played a crucial role in securing a $25,441,000 loan with specific terms. The loan structure includes a 5-year term, with 3 years of interest, followed by a 30-year amortization schedule. The non-recourse basis of the loan, as highlighted by Weinberg, showcases the intricate negotiations that took place to ensure an optimal combination of leverage and pricing.
The timeline for construction, scheduled to commence in November 2023 and conclude by November 2024, adds a sense of urgency and excitement to the project. This punctual execution aligns with industry standards and reflects the efficiency of the development team.
In summary, the Brinkmann Ranch development stands as a testament to the synergy between residential and commercial elements in modern real estate. The strategic location, diverse expertise of involved companies, meticulous financial structuring, and a well-defined timeline collectively contribute to the success and anticipation surrounding this $2 billion endeavor.
