Berkadia announces it has identified and secured a JV equity partner for Legacy Partners to develop Merit, a 296-residence mixed-use community in Lewisville, a suburban market located north of Dallas, Tex. Chinmay Bhatt, Cody Kirkpatrick and Noam Franklin of Berkadia JV Equity & Structured Capital arranged Pondmoon Capital Holdings USA as the equity partner. The real estate investment manager contributed $20.25 million in equity toward the project.
“In today’s challenging cost environment, the capital partner and our client worked collaboratively to get the deal closed,” said Bhatt. “It’s this type of collaborative approach that will help these two groups execute more projects together in the future.”
The community will be located on Interstate 35E, approximately 15 miles equidistant from the two largest office submarkets in the Dallas-Fort Worth Metroplex: Las Colinas and the Upper Tollway, which includes the cities of Frisco and Plano. The community is scheduled to deliver in mid-2023.
“The community’s location really cannot be surpassed,” said Matt Brendel, Senior Managing Director at Legacy. “Future residents will be less than 20 minutes from major employment centers, including Las Colinas, Frisco, and Plano, and only two miles from serene walks, bike rides, fishing, and other outdoor recreation at Lake Lewisville, the largest lake in North Texas. Merit is also within close proximity to historic Old Town Lewisville and the Shops at Highland Village, which offer numerous shopping, entertainment, and dining options.”
“Merit is our fifth project in this region,” said Patrick Chen, CEO of Pondmoon Capital. “We’re particularly thrilled to partner with Legacy Partners on this exciting opportunity that will bring an elevated living experience to an area that has seen a dramatic increase in jobs and demand for apartment living. Rapid job growth and sustainable demand for rental residences are the main drivers for our focus on Sun Belt markets such as Texas and Southern California. We are confident that Merit will be another example of a high-quality residential community to meet market demand, as well as another success for our investors.”
The Lewisville apartment community will feature one-, two-, and three-bedroom layouts ranging from 630 to 1500 square feet appointed with high-speed fiber internet, smart home technology, granite countertops, stainless steel appliances, work-from-home spaces, and private balconies or patios. The 11.1-acre site will also include three small restaurant spaces comprising a total of 2,300 square feet that share a large open-air patio overlooking a spacious public dog park nestled in natural terrain.
Residents will have access to a coworking space with private conference rooms, a resort-style pool, an ultra-modern fitness center, and a convenient smart market that operates 24 hours a day. The pet-friendly community also offers a dog spa, and a gaming courtyard with fire pit, ping pong table, and an outdoor grilling station.
Dallas-based JHP Architecture is the designer for Merit, and the general contractor is Provident General Contractors.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
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About Legacy Partners
Legacy Partners (Legacy), a privately held real estate firm founded in 1968 and headquartered in the San Francisco Bay Area, owns, develops, and manages multifamily communities throughout the United States. Legacy has regional offices in California, Colorado, Florida, Georgia, Texas, and Washington, and has developed more than 66,000 apartment homes in Arizona, California, Colorado, Nevada, Oregon, Texas, and Washington. Since inception, Legacy has worked with some of the world’s largest financial institutions, life insurance companies, and real estate companies, consistently delivering exceptional results.
Legacy provides management services for its own portfolio, as well as other owners. Combined, Legacy manages a portfolio of over 54 multifamily communities with more than 12,000 apartment homes, and with a gross value in excess of $3 billion. For further information, please visit legacypartners.com.
About Pondmoon Capital
Founded in 2014, Pondmoon Capital, formerly known as JD Capital USA, is a privately held investment manager. Pondmoon Capital primarily focuses on investments in rental apartment development across major metropolitan areas in the U.S, including New York City, Washington D.C., Dallas, Chicago, Minneapolis, Los Angeles, San Francisco, and Atlanta. The firm’s total investment consists of over 2,800 apartment or hotel units and over two million square feet of apartment and retail space. Learn more about Pondmoon at pondmoon.com.