Friday, February 06, 2015
Developers get funding for 740-unit Allen apartment community
Developers have received funding to start construction of a 740-unit apartment community planned in Allen.
Florida-based developer DLC Residential is building the Dolce Living at Bella Terra apartments. The first phase will have 374 units and a second phase is planned with 366 units.
The apartments will average 946 square feet and are in three and four-story buildings.
The project is near the intersection of Watters Road and W McDermott Drive.
Dekel Capital, a Los Angeles based real estate merchant banking firm, and Santa Monica based Mountain Capital Partners provided joint venture equity to fund the Allen project.
The firms also provided funding for apartment developments in Houston and San Antonio for a total of $18.5 million.
“Demand for our JV-Equity has been strong, with inquiries growing purely by word-of-mouth in the community,” says Shlomi Ronen, Managing Principal of Dekel Capital. “We are well on our way towards reaching our targeted goal of investing $50 million of equity in our first year.”