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$26M Project Kicks Off Long-Term JV

PLANO, TX-Lexington Luxury Builders lands a New York City-based equity partner for the 98-unit Lexington Park at Rice Field and its future projects too.

By Connie Gore | Updated on December 26, 2007

(Read more on the debt and equity markets.)

PLANO, TX-With construction under way, Lexington Luxury Builders has struck a deal with a New York City-based equity partner for the 98-unit Lexington Park at Rice Field and its future projects too. The buy-in is starting with a $26-million transit-oriented townhouse development in the city’s historic Downtown.

The Dallas-based developer, which is the architect and general contractor too, got the project moving with construction financing from Texas Capital Bank, getting a revolving vehicle with a take-down component as units sell, according to Stuart Wernick, president of Dallas-based Quantum First Capital. With funding in place, Wernick focused on match-making the right long-term equity partner to Lexington Luxury Builders, led by Scott Schaefer.

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