Monday, May 08, 2017

Luxe Legacy West tower in Plano gets $87.3M federal construction loan


Legacy West's tallest tower — LVL29 by Lewisville-based NE Development — has landed one of the largest construction loans ever issued by the U.S. Department of Housing and Urban Development in the southwest United States.

The 29-story tower, which will bring aspirational living to the $3.2 billion Legacy West development in Plano, will bring 328 luxury, market-rate residences to the sought-after corporate destination near the Dallas North Tollway and the Sam Rayburn Tollway.

The tower's home will bring residences ranging from 600 square feet to penthouse units with private garages totaling 3,800 square feet of living space to Legacy West.

Love Funding, a subsidiary of Midland States Bancorp Inc. (Nasdaq: MSBI) secured the $87.3 million construction loan through the U.S. Department of Housing and Urban Development's mortgage insurance program.

The Section 221(d)(4) program will give the development group low-rate, non-recourse financing for up to 40 years to fund the new construction.

The residential tower, called LVL29, recently got underway next to Liberty Mutual Insurance's new $325 million regional hub in Plano.

LVL29 was named for its 29 stories and "the resident's aspirations to achieve their highest potential," officials said, that will bring upscale furniture in a bar and lounge veranda with high-end finishes, such as dimensional textured walls, cantilevered ceilings and designer chandeliers.

The residential community's amenities will include a 24-hour fitness center, yoga room, pool and tanning deck, and a bar and lounge veranda for residents. The tower will also have an attached seven-story parking garage.

Candace Carlisle/Dallas Business Journal.