Helaba Lends $112M for Dallas-Area Apartments at Former JCPenney HQ
By Andrew Coen June 22, 2026 2:05 pm
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The former headquarters of JCPenney is in line for a residential makeover with some fresh capital.
A joint venture between StreetLights Residential and Pritzker Realty Group has landed $111.5 million of construction financing to develop a multifamily project at the clothing chain’s former headquarters campus in suburban Dallas, Commercial Observer can first report.
German commercial bank Helaba supplied the loan for the sponsorship’s planned 264-unit StreetLights at the Park at Legacy luxury apartment development in Plano, Texas. The 2.74-acre property at 6501 Legacy Drive 22 miles north of Downtown Dallas was the headquarters of JCPenny until late 2020, when the clothing giant vacated the space.
“StreetLights Residential and Pritzker Realty Group brought together an exceptionally experienced sponsorship team with a demonstrated track record of developing multifamily communities throughout Texas and other major U.S. markets,” Jason Deck, director of real estate finance at Helaba, said in prepared remarks. “Their institutional approach to execution, combined with deep local market knowledge, provided confidence in the project’s ability to navigate all phases of development and deliver a high-quality asset.”
Deck added that Plano has become “one of the most attractive corporate and residential growth markets in the country,” creating strong demand drivers for “top-tier multifamily housing.”
The 22-story StreetLights at the Park at Legacy is slated for completion in March 2029. It will feature 161 apartments with one- to three-bedroom layouts plus three townhouses. Community amenities will include a swimming pool, a fitness center, a library, a golf simulator and multiple lounges.
StreetLights Residential and Pritzker Realty Group did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
