HomeNews$63M secured for development of Lofts iThirty in Garland, Texas

$63M secured for development of Lofts iThirty in Garland, Texas

The development of a new multifamily apartment project, dubbed Lofts iThirty in Garland, Texas is edging closer to start.

Through an undisclosed institutional JV equity partner and Bank OZK, the project’s developer, Anthem Development, secured $63 million of joint venture equity and debt. However, it was Nova Capital who arranged the financing, which the developer will use to build the 340-unit multifamily project.

The Lofts iThirty in Garland

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The development was designed as a pedestrian-friendly luxury community, consisting of 340 apartment units spread across five four-story buildings. It will feature one and two-bedroom units, including several shared amenities like a game room and coffee bar.

What’s more future tenants will also have access to a remote work lounge, two pools, and outdoor kitchens. Other high-end facilities at the property will include a pet spa and park, lounges, and 24-hour fitness centers.

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At the northwest corner of Broadway and Interstate 30, Lofts iThirty in Garland is only a 13-mile drive to downtown Dallas. Future residents will be within walking distance of several entertainment, restaurant, and retail options including Walmart and Kroger.

Additionally, it’s also a short commute to some of the region’s major employers such as American Airlines and Southwest Airlines.

Anthem expects to break ground on Lofts iThirty this month and has plans of completing the project sometime in 2025. The developer says the first residents would probably start moving in as early as the third quarter of 2024.

2nd project between Anthem and its JV partners

Lofts iThirty in Garland will be the second project between Anthem, its JV partners, and OZK in the past 14 months. Previously, the trio worked together on Miles One 90, a community in Sachse Texas, according to Anthem CEO Ross Frankfurt.

President Will McNutt of Anthem, said the company is actively looking for development opportunities and acquisitions of existing projects in Garland. Especially since the region is one of the most active submarkets in the Dallas-Fort Worth metro.

Besides Lofts iThirty in Garland, Anthem has a development pipeline totaling upwards of 2,000 units. Other projects have also been planned to start later this year.

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