The retail project is part of a larger 600-acre master-planned, mixed-use development with a projected value upon build-out expected to be more than $1 billion. Surrounding the property will be 2,500 single-family residences, 2,200 multifamily units, schools, parks, and an amenity center. The retail development will feature a Tom Thumb grocery store as well as 30,000 sq. ft. of in-line retail, restaurant space and three (3) outparcels. A number of nationally-recognized tenants have already drafted letters of intent to occupy the development upon completion.
The retail project is part of a larger 600-acre master-planned, mixed-use development with a projected value upon build-out expected to be more than $1 billion. Surrounding the property will be 2,500 single-family residences, 2,200 multifamily units, schools, parks, and an amenity center. The retail development will feature a Tom Thumb grocery store as well as 30,000 sq. ft. of in-line retail, restaurant space and three (3) outparcels. A number of nationally-recognized tenants have already drafted letters of intent to occupy the development upon completion.
Plans are advancing for a new retail and residential development at Brinkmann Ranch in the heart of Frisco.
Details were released earlier this morning that Northmarq has arranged financing for the development of Lexington Village Shopping Center. The grocery-anchored retail project will contain 90,000 sq. ft. of space on 15 acres of land in Frisco.
The $25,441,000 loan carries a term of 5-years with 3-years of interest only followed by a 30-year amortization schedule. Northmarq secured the loan for the borrower and developer, Centergy Retail, through its relationship with a local bank.
The retail project is part of a larger 600-acre master-planned, mixed-use development with a projected value upon build-out expected to be more than $1 billion. Surrounding the property will be 2,500 single-family residences, 2,200 multifamily units, schools, parks, and an amenity center. The retail development will feature a Tom Thumb grocery store as well as 30,000 sq. ft. of in-line retail, restaurant space and three (3) outparcels. A number of nationally-recognized tenants have already drafted letters of intent to occupy the development upon completion.
“Our team was able to secure a lender who offered the best combination of leverage and pricing on a non-recourse basis,” explained Bobby Weinberg, managing director. “We are very happy to have facilitated this first interaction between our borrower and this lending partner.”
Construction is scheduled to begin in Nov. 2023 and be completed by Nov. 2024.
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Rick Rogers is the president & publisher of Star Local Media and its 14 print and digital local media publications. Email him at rrogers@starlocalmedia.com.
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