DALLAS--The Dallas office of Berkadia Commercial Mortgage LLC (Berkadia) recently arranged $55 million for the construction of Discovery at the Realm, a multifamily community that will be located in Lewisville.

Senior vice president Joseph N. Hevey worked with borrower Bright Realty to secure the three-year, interest-only financing through lead lender Mutual of Omaha Bank, who provided $43 million in senior debt; Great Southern Bank of Springfield, Mo., who participated in the construction loan; and Cornerstone Real Estate Advisers LLC, who provided $12 million in mezzanine debt.

“The Discovery at the Realm embodies all of the attributes of a successful project – financially capable and experienced sponsors, a highly-visible location in a booming submarket and a carefully planned, well-thought-out design” Hevey told GlobeSt.com. “This property is the first phase of many, and the Bright family plans to retain long-term, legacy ownership for many years to come.”

Bright Realty will be breaking ground on Discovery at the Realm -- a class A property located at the southeast corner of Windhaven Parkway and Castle Hills Drive, approximately 25 miles north of Dallas -- this month. The community will consist of 423 units developed across three buildings on more than 20 acres of land. Total project costs will be in excess of $75 million.

“Once we laid out all of the financing options with the borrower, we were able to identify and execute on what best fit their needs in a short timeframe,” Hevey says.  

Discovery at the Realm is phase I of a planned multifamily community within Castle Hills. The urban-inspired development will provide a unique, luxury multifamily operation offering resort-style living for its residents. The first available units are planned for a February 2016 delivery, with all phase I units planned for an August 2016 delivery.

The development team for the property includes BB&M Architecture of Charlotte, N.C., and Andres Construction of Dallas will serve as general contractor.