Allen, TX JLJ Capital has partnered with BridgeInvest to provide a senior loan of $45.5 million to Sovereign Properties develop Dolce Twin Creeks, Phase II, a 366-unit multifamily project on 10+ acres in the Dallas suburb. Cottonwood Communities, Inc., a publicly registered non-traded REIT has also committed to loan up to $10 million for the project.
“We believe that Texas has all the economic drivers to make it the fastest growing market in United States over the next decade,” said Jonathan Lewis, founder and CEO of JLJ Capital. “Having worked with Sovereign Properties on earlier projects, we’re delighted to be a part Dolce Twin Creeks and proud to partner with BridgeInvest and Cottonwood Communities to bring this development to fruition.”
The new project is designed to be family-friendly and in addition to 366 apartments will feature a fitness center, resort-style pool and a business lounge.
JLJ is currently involved in financing a number of other projects in Texas including a commercial warehouse, land development and construction projects in Austin, San Antonio and Dallas.
“We are actively looking to partner with experienced real estate operators who are looking to move away from traditional banks for financing options that will allow them to more quickly develop or finish existing projects,” said Lewis.