Meridian Capital Group arranges $29.65 million construction loan for single-family residential development

 

 

Plano, TX Meridian Capital Group has arranged $29.65 million in construction financing for the first phase of a single-family residential community located at 2601 East Parker Rd. The 80% loan-to-cost, non-recourse financing was provided by Arixa Capital and arranged by Meridian’s David Sirchenko and Brian Flax.

Situated on a development site in northeast Plano, the project will deliver 48 single-family homes at full build-out. Loan proceeds will fund the horizontal development of the site along with the vertical construction of the first 30 homes, which together comprise phase one. Plano is one of the largest employment centers in the Dallas-Fort Worth metroplex, and the surrounding submarket continues to see steady demand for new single-family housing.

“Ground-up single-family development calls for a lender that understands both the horizontal and vertical sides of the work, and Arixa Capital was engaged from the outset,” said Sirchenko. “Their team structured the financing around the construction timeline and stayed on top of every detail through closing, which allowed the development team to begin phase one on schedule.”