NorthMarq Arranges $54 Million Equity Financing For Park At Legacy In Plano Texas

The property asset involved in this transaction is the Park at Legacy apartment development, located at 6501 Legacy Drive, Plano, TX. This multi-family asset comprises 355 units and spans 2.74 acres. The financing received is $54 million, structured as equity with a five-year term. The development is situated within the former JCPenney headquarters campus in Plano's Legacy corridor.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $54,000,000
• Units: 355
• Acres: 2.74
• Landlord: Doug Chesnut - StreetLights Residential
• Brokers: Joel Heikenfeld, Charlie Rimkus & Charlie Robinson - NorthMarq
• Loan Type: Equity
• Loan Terms: five-year

NorthMarq arranged the equity financing on behalf of StreetLights Residential through a confidential equity source, specifically for the luxury residential project. The participating individuals in this deal include Doug Chesnut, representing the landlord, and the brokerage team of Joel Heikenfeld, Charlie Rimkus, and Charlie Robinson representing the financing process.