Broadshore Capital Partners Provides $ 31.2 Million Senior Loan to Build 217 Unit Apartment Community in Burleson, Texas
LOS ANGELES–(COMMERCIAL THREAD) – Broadshore Capital Partners (Broadshore) announced today that it has entered into a $ 31.2 million senior construction loan to Sovereign Properties for the construction of Sovereign in Burleson, a garden-style apartment community of 217 units in Burleson, Texas. Sovereign at Burleson, which is located at 285 SE John Jones Drive, capitalizes on the strong growth of this Dallas / Fort Worth suburban area along IH-35 West, one of the region’s major transportation corridors.
“The Broadshore Debt Program aims to provide senior construction loans on up to 80% of the loan-to-cost ratio on multi-family projects in communities with multiple economic drivers that are undertaken by experienced developers such as Sovereign Properties, ”said Bleecker Seaman, co-CEO, Broadshore. “This loan further expands our multi-family construction loan program alongside our other high yield debt business. Changing market conditions, coupled with our firm’s expertise in multi-family investing, allow us to seamlessly tailor our debt program to multi-family loans to provide capital where other lenders have pulled out. .
Sovereign at Burleson benefits from its proximity to major commercial and industrial businesses located within the HighPoint Business Park and within walking distance of many shopping and dining destinations. The community’s 217 contemporary apartment residences, configured as one, two and three bedroom floor plans, will be developed in five three-story buildings spread across an approximately 13-acre site. Unit interiors use high quality finishes and feature thoughtful color combinations, vinyl floors, quartz and granite countertops, painted hardwood cabinetry, under cabinetry, and LED mood lighting. , high-end plumbing fixtures in the kitchen and main bathrooms, and Nest thermostats.
Sovereign at Burleson will provide residents with the most sought-after amenities, including a well-furnished club room, resort-style pool with aqua lounge, poolside grilling and recreation areas, large play lawn and store. fully functional bicycle.
Broadshore has extensive investment and multi-family management experience gained over more than 30 years of investing in the United States markets. The Broadshore team draws on this expertise for its debt program which enables the company to quickly assess market fundamentals and make lending decisions. Broadshore’s niche as a non-recourse lender for construction and bridging assets offers extensive senior and mezzanine financing, targeting loans in the range of $ 10 million to $ 75 million for projects across the United States
“We believe that one of the strengths of the Broadshore lending program is our ability to tailor each transaction to the specific needs of the project and the borrower,” added Chris Miller, Senior Vice President, who led the origination. of the loan.
Sovereign Properties has been engaged for almost 15 years in the design, development, construction and management of income generating real estate projects in the fastest growing employment markets in the United States. With its predecessor companies, its multi-family experience exceeds 4,000 completed and rented apartments. The company’s ten projects in Texas reflect the fact that Sovereign is a seasoned developer focused on building differentiated, high-quality communities in fast-growing Texas markets.
The Broadshore loan origination was led by Senior Vice President Chris Miller. Greg Nalbandian, Senior Managing Director, Capital Markets at JLL, provided construction financing on behalf of the sponsor. Seyfarth Shaw was counsel for the lender.
About Broadshore Capital Partners
Broadshore Capital Partners, LLC (“Broadshore”) was founded in 1989 (as a predecessor) and became an SEC-registered investment advisor in 1991. In 2019, the company changed its name to following a buyout by its long-time partner, The Guardian Life Insurance Company of America. Broadshore is a leading national real estate investment management and advisory services company with approximately $ 1.5 billion in assets under management as of June 30, 2020. The company provides real estate advisory services to a select list international institutions, public pension funds, insurance companies and high net worth individuals. Broadshore is based in Los Angeles and has regional offices in New York, Denver, Seattle and Phoenix.