Updated Sep 1, 2026
FINANCEDDevelopment Site
Civitas Capital Group Closes $33.6 Million Construction Loan For The Lucille In Fredericksburg Texas
$33,600,000
Units
240
Asset Type
Development Site
Closing
Aug 5, 2026
About this deal
AI
A loan of $33.6 million has been closed to finance The Lucille, which is a development project for a 240-unit Class A multifamily community located on a 14.3-acre site in Fredericksburg, Texas. The loan is categorized as a senior construction loan and is intended for a project that will provide more than 200,000 square feet of market-rate housing with resort-style amenities.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $33,600,000
- Asset Size: 14.3 acres
- Lender: Jeff Kiser & Chandler Kyser - Civitas Capital Group
- Landlord: Geoffrey Simpson - Parkspring Multifamily
- Loan Type: Construction
- Project Name: The Lucille
- Projected Start of Construction: Q3 2026
- Housing Units: 240
- Development Area: Fredericksburg, TX
- Project Type: EB-5 rural Targeted Employment Area (TEA)
This financing deal involves key parties including Jeff Kiser and Chandler Kyser, who are representing Civitas Capital Group, the lender of the project. Geoffrey Simpson serves as the landlord and is aligned with the development undertaken by Parkspring Multifamily. The project aims to cater to the demand for market-rate housing in the region.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Browse Texas development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93