Zale Properties has obtained a $58.3 million construction loan for The View at Sapphire Bay, a 394-unit community underway in Rowlett, Texas. JLL Capital Markets secured the eight-year, fixed-rate financing from Principal Global Investors.
The project is slated for delivery in May 2024. According to a recent Yardi Matrix report, more than 24,000 units were completed in the Dallas-Fort Worth metro in 2021, with more than 43,000 apartments under construction as of January 2022, marking the largest pipeline in the country.
Located at 30 Dalrock Road within Sapphire Bay, a 116-acre, mixed-use development, the community is taking shape approximately 21 miles northeast of downtown Dallas. Numerous dining and retail options are available less than 1 mile north.
Upon completion, the five-story building will encompass one-, two- and three-bedroom units averaging 941 square feet. Apartments are set to feature open-island kitchens, stainless steel appliances, walk-in closets, hardwood-style flooring and private balconies, among others. Amenities will include a swimming pool, fitness center, pet spa, garden courtyard, game room and picnic area.
JLL Senior Managing Director John Brownlee, together with Director Wilson Bauer, arranged the financing. A JLL Capital Markets team recently brokered the sale of a 228-unit community in downtown Dallas.