(Read more on the multifamily market.)

LEWISVILLE, TX-With the ability to tap a $100-million development pool, a North Texas-based senior living developer has broken ground on a 151-unit project at the Texas 121 kissing point for three cities. The prototype design, if it works out as planned, will be used to seed a future REIT.

Victor Russell, owner of MMR Realty Advisors in Carrollton, TX says Amaranth@544's developer wants to build a portfolio for a possible REIT plus merchant build with the design. The $20-million project at 2500 Windhaven Pkwy. was funded with a HUD 221 (d) loan from Prudential Huntoon Paige Associates Ltd., a subsidiary of Newark-based Prudential Financial Inc. Russell tells GlobeSt.com that he arranged a two-year construction loan with a roll to a 40-year perm and amortization at a 5.5% fixed-rate interest for Carrollton-based developer Amaranth Inc., a 12-year veteran of the senior housing ranks.

"We have the opportunity to move forward," Russell says, "but we've got to get this one right." He says the three-story building will go vertical in early December and deliver in 12 to 14 months. The 7.2-acre project has an abutting four acres standing ready for a 60-bed assisted-living facility, slated to break ground after Amaranth@544 is up and running.