Love Funding closed an $87.3 million FHA loan to build a new high-rise, market-rate apartment building in Plano, Texas. The project, named LVL 29 for its 29 levels, is located in Legacy West, a 250-acre mixed-use destination located at the intersection of the Dallas North Tollway and State Highway 121 in Plano. The structure features a unique ellipses-shaped design and offers luxury apartment homes that range from 600-square-foot units to 3,800-square-foot penthouses with private garages. The building is being developed by NE Development and is expected to be completed in May 2019.
The financing for LVL 29 represents the largest construction loan ever issued by HUD in the Southwest region.
Love Funding Senior Director Leonard A. Lucas of the company’s Boston office obtained the financing through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) mortgage insurance program. The program provides low-rate, non-recourse financing for up to 40 years to fund the new construction or substantial rehabilitation of multifamily apartment communities.