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156 Units Rising With $8.7M Loan

FORT WORTH-The Clover Ridge Apartments are laid out in a 14-building design on six acres that have been held in reserve for five years. Fort Worth's Smallwood Cos. gets 90% of the construction cost at a 6% fixed interest rate to build market-rate units.

By Connie Gore | Updated on December 05, 2002

FORT WORTH-A Fort Worth developer has ended five years of waiting to build on a six-acre tract that abuts another of her multifamily holdings.

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.

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