Pamela Smallwood of the Smallwood Cos. has just broken ground on 156 units of market-rate, multifamily product in the Fort Worth neighborhood of Benbrook. The Clover Ridge Apartments will neighbor Smallwood's Summit Ridge at 9500 Summit Dr.
Mike Brandenberger of Dallas-based Malone Mortgage Co. arranged more than $8.7 million in financing so the Clover Ridge Apartments can rise at the intersection of Westpark and Summit drives. Brandenberger tells GlobeSt.com that Smallwood looked before at developing the tract, but backed off. This time, the 6% fixed interest rate was too good to pass up. She acquired the acreage and Summit Ridge complex about five years ago.
Malone provided the financing through HUD's 221 (d)(4) Multifamily Accelerated Processing program. The 40-year, fully assumable loan has a 40-year amortization. The loan represents 90% of the construction cost, according to Brandenberger.
The project, designed by Ikemire Architects, calls for 14 buildings of two- and three-story, garden-style designs with common areas that include a community center, business center and exercise room. Delivery is set for October 2003.
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