Calmwater Capital Lends $38M on Landmark at Crowley Project in Texas
By Nicholas Rizzi June 30, 2021 3:13 pm
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New Jersey-based developer Landmark Companies has locked down a $37.5 million construction loan to build a 267-unit multifamily development in Crowley, Texas, Commercial Observer has learned.
The debt will be used to develop Landmark’s latest multifamily development, Landmark at Crowley, on a 14.9 acre lot at 305 Farm to Market Road in Crowley, which is roughly 15 miles from Fort Worth, according to Meridian Capital Group, which brokered the deal.
Los Angeles-based Calmwater Capital provided the construction financing to Landmark, a source with knowledge of the deal said. Representatives from Calmwater and Landmark did not immediately respond to requests for comment.
Plans for the Landmark at Crowley call for a mix of one- and two-bedroom apartments that will average 1,022 square feet, according to Meridian. The development will also have a shared pool with a standalone cabana.
Landmark bought the property for $3.5 million in 2020 and already started work on the development, with plans to finish it in July 2022, the source said.
Meridian’s Seth Grossman and Sarah Kuebler negotiated the debt on behalf of Landmark.
“While our client had no relationship with the lender prior to this transaction, both parties worked quickly, and extremely well with each other in order to fund the loan in a short time frame,” Grossman said in a statement. “That was critical, as our client had purchased the land, and begun foundation work prior to having the loan in place. The smooth closing is testament to motivated professionals at each firm, and what I believe will be a great end-product once complete.”
