Updated Jun 23, 2026
StreetLights Residential And Pritzker Realty Group Secure $111.5M Construction Loan In Plano Texas
6501 Legacy Drive
$111,500,000
Units
264
Asset Type
Development Site
Closing
Jun 22, 2026
About this deal
AI
A development site located at 6501 Legacy Drive in Plano, TX, spans 2.74 acres. The site is designated for the construction of a 264-unit luxury apartment tower on the former JCPenney headquarters location, reflecting ongoing residential development in the Dallas-area submarket.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $111,500,000
- Loan Amount: $111,500,000
- Loan Type: Construction
- Lender: Jason Deck - Helaba
- Landlord: Doug Chesnut & Tom Bakewell - StreetLights Residential; Pritzker Realty Group
- Completion Year: 2029
This transaction represents a joint venture between StreetLights Residential and Pritzker Realty Group, highlighting their collaboration to finance the development through Helaba. The project, known as StreetLights at the Park at Legacy, will transform the noted site into multifamily housing, catering to the growing demand for residential spaces in the area.
On the Map
$111,500,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93