Pennybacker Capital Lends $42M on Texas Apartment Property
By Andrew Coen October 31, 2023 12:22 pm
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Florida developer Landmark Companies has secured $41.5 million of bridge financing for a luxury apartment complex in the suburbs of Fort Worth, Texas, Commercial Observer has learned.
Pennybacker Capital provided the loan on the 270-unit Landmark at Crowley property in Crowley, Texas — which started leasing last year — aimed at bringing the development to stabilization, sources told CO.
“We continue to execute on our strategy to build a multifamily portfolio in Texas and Florida, Julia Baytler, CEO of Landmark Companies, said in a statement. “We have done this before and are looking forward to doing it again!”
Yan Khamish, head of capital markets at Landmark said he was “thrilled” to work with Pennybacker on “the first of many development projects.”
Baybridge Real Estate Capital’s Jay Miller, AJ Felberbaum and Spencer Miller arranged the bridge financing deal.
Located at 305 Farm to Market Road, around 15 miles south of Fort Worth, Landmark at Crowley began the lease-up process in May 2022. Community amenities include a swimming pool, a fitness center and a resident clubhouse.
Landmark received $37.5 million of construction financing for the project from Calmwater Capital in June 2021, after it acquired the 14.9-acre property a year prior for $3.5 million, as CO previously reported.
Adventura, Fla.-based Landmark is a woman-led, minority-owned firm that has developed Class A multifamily and industrial assets in Texas, Florida and Colorado.
Monthly rents for Landmark at Crowley range from $1,440 for one-bedroom units to $2,315 for three-bedroom ones, according to Apartments.com.
Representatives for Pennybacker, Landmark and BayBridge did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
