BridgeInvest Provides $57M Construction Loan for Dallas-Area Multifamily Building

A joint venture between Stryker Properties and Griffin Capital Management has secured $57 million in construction financing to build Freemont Frisco Apartments, a 313-unit multifamily complex outside Dallas. 

BridgeInvest provided the construction financing, while 25 Capital Partners provided  preferred equity in the deal, according to a release. No broker was listed on the transaction. 

Located at 9402 Frisco Street in Frisco, Texas — a city of roughly 200,000 about 25 miles north of Dallas — Freemont Frisco Apartments was financed via a Texas Public Housing Authority affordable housing tax incentive, contingent on sponsorship making a portion of the building’s units affordable. 

The new multifamily asset will enter a rental market that is part of one of the fastest-growing cities in the U.S. Frisco saw its population grow 5.4 percent in the last 10 years, and the city was named America’s fastest-growing city in 2017, according to The Dallas Morning News. 

The new apartment complex will be near the office submarket of Plano and Legacy, Texas, which includes 40 million square feet of office space. Also nearby are pro sports landmarks such as the Dallas Cowboys’ headquarters and two golf courses under the umbrella of the PGA Tour of America’s headquarters. 

Construction is slated to be completed in mid-2028, and sponsorship plans to either refinance or sell the asset upon stabilization, according to a release.  

“A lot of great things are happening in and around that area,” Venkat Avasarala, CEO of Stryker Properties, who noted Universal Studios and an FC Football stadium being developed by the Hunt family are in the works nearby.  “I figured our project is very timely given all the development and jobs being created in the immediate vicinity.”

Stryker Properties and Griffin Capital Management did not return requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com.