Texas Build-for-Rent Community Receives Construction Loan via Walker & Dunlop
Walker & Dunlop, Inc. announced today that it structured financing for Amavi Celina, a build-for-rent (BFR) neighborhood to be developed in Celina, Texas. According to the Dallas Business Journal, Celina is the fastest growing submarket for new homes in the Dallas-Fort Worth MSA, based on the number of residential permits issued. With construction breaking ground in February 2022, the community will feature 271 homes in total, with 155 cottages, 94 townhomes, and 22 single-family detached homes.
Keaton Merrell and Shannon Hersker of Walker & Dunlop’s BFR & SFR Practice Group arranged the financing on behalf of their client, Mill Creek Residential. The team leveraged their broad range of capital sources to identify a lender and secure an interest-only, four-year construction loan with a competitive rate.
“Walker & Dunlop’s comprehensive set of financing capabilities and advisory services set them apart in the BFR space, and we were impressed by their vast knowledge and expertise,” said Callum Parrott, president of single-family rentals for Mill Creek Residential. “Amavi Celina will be an excellent addition to our portfolio of over 115 multifamily communities, and we’re on pace to deliver the neighborhood’s first homes in August 2023.”
Ms. Hersker commented, “to secure very attractive financing for a very well-known client. Mill Creek is a large, institutional multifamily and BFR developer. Their Amavi brand is a great fit for the sunbelt region, with the increasing demand for this product type in major Texas suburbs.”
Located just 35 miles north of Dallas, Amavi Celina offers convenient access to several employment centers, including the 24 Fortune 500 companies headquartered within Texas’ largest MSA. Household growth in Collin County, where Amavi Celina will be located, has been fueled by employment growth in the region and the city of Celina also benefits from a highly regarded, “A” rated school district. The neighborhood will span over 45 acres and will feature an extensive trail system, dog park, fitness center, and resort-style pool.
Walker & Dunlop’s BFR & SFR Practice Group is comprised of 12 experts strategically positioned across the business to finance and sell these specialty communities. Our national team provides expert guidance on property sales, debt origination, and the structuring of equity to generate optimal returns and strategic relationships for our clients. The team is active with over fifty groups in the space, which range from institutional clients, homebuilders, multifamily developers, and individual investors. With an active pipeline of over $3.5 billion of transaction volume, the team has extensive experience executing on lending, capital brokerage, or investment sales opportunities. For more information on our Build-for-Rent practice group or to connect with an advisor, visit our website.
Mill Creek Residential Trust LLC is a national rental housing company focused on the development, acquisition and operation of both multifamily and build-to-rent single-family communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida proactively develops, acquires, constructs and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable markets in Seattle, Portland, the San Francisco Bay area, Southern California, Phoenix, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of December 31, 2021, the company’s portfolio is comprised of 119 communities representing over 32,500 rental homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.
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