Civitas Capital Group closes financing for luxury multifamily community in Dallas
Civitas Capital Group has closed on its eighth investment, a USD53.5m senior loan for construction of The Alexan, a 10-storey apartment community situated on Goat Hill in Dallas, Texas.
As the exclusive manager of the City of Dallas Regional Center (CDRC), Civitas raised capital from over 100 international investors to support the joint venture partners of Behringer Harvard Multifamily REIT I, the Crow family, and Trammell Crow Residential (TCR) in the development of the construction project, which began work in mid-August.
The Alexan will offer 365 apartment homes with unit sizes ranging from 436 to 1,865 square feet. Residents will enjoy a 24-hour live/work environment with outstanding amenities including direct access to the Katy Trail, two luxury swimming pools, retail space on the ground floor and outdoor patio space.
"We are proud to be partnering with Civitas and Behringer Harvard on this unique development site along the Katy and Trinity Strand trails," says senior managing director of TCR Steve Bancroft. "This closing represents the second deal we have closed with Civitas this year and we look forward to more opportunities in the future."
Dallas' director of economic development Karl Zavitkovsky says: "International investors continue to recognise Dallas as a great place to do business. I'm very pleased with Civitas and this development as it helps to create jobs in our community while keeping the city a vibrant place to work and live."
"The Alexan development is an excellent example of how the EB-5 programme enables economic development and job creation in the US," says Civitas' managing director Tina Hou, who led the fundraising effort among foreign investors. "At Civitas, we strive to identify high-quality projects to match with foreign investment. The Alexan is a great example of the type of project that our foreign investors desire – notable sponsors and a premier asset in a great location that will lead to significant job creation."