As commercial real estate professionals with a successful track record in Texas, the principals of NTRC are ideally suited to identify, underwrite and market well-positioned commercial real estate projects. We are committed to linking foreign investors with successful projects and facilitating immigration to the United States through the EB-5 program.
Lakeside Lofts:
Lakeside Lofts is a 500-unit apartment residence located in the Mercer Crossing development area in Farmers Branch, Texas. Located in the southwest quadrant of Luna Road and LBJ Freeway (IH-635) and wrapping around a peninsula at the crux of the Elm Fork of the Trinity River and Farmers Branch Creek, Lakeside Lofts will occupy one of the best sites in the Dallas/Fort Worth Metroplex.
The two 4-story "wrap" buildings will be located on 8.005 acres and will feature indoor garage parking (758 spaces) for residents. Of the 500 units, 348 will be 1-bedroom/1-bath (790 sq. ft.), and 152 will be 2-bedroom/2-bath (1,169 sq. ft.).
Total project cost is estimated at $66,025,000 ($132,050 per unit), which is comprised of $6,273,000 in land cost, $49,913,000 in hard construction costs, and $9,839,000 in soft development costs.
Financing for the project is expected to consist of $23,108,750 (35%) equity and $42,916,250 (65%) debt. The debt is to be structured with a 3-year interest only term, priced at the best possible spread over the 30-day LIBOR index.
Based on the location and quality of amenities, this property is expected to collect market rents of $1.43 per square foot ($1,130 per month) for 1-bedroom units and $1.36 per square foot ($1,587 per month) for 2-bedroom units. This price reflects the premium nature of the property but is within the means of the demographic mix in the area.
In addition, this project will feature approximately 8,000 square feet of retail space for neighborhood services and restaurants.
Amenities will include:
* Stand-alone clubhouse with grand entry and water views
* Private clubroom
* Fully-equipped fitness center
* Business center
* Swimming pool
* Five landscaped outdoor courtyards
* Connection to exterior jogging trails
* Outdoor grills
* Six elevators
* Interior hallway lobbies/corridors
* Ten foot ceilings
* Carpet and vinyl plank flooring
* Wood cabinets
* Granite countertops