Anthem Development, a Dallas-based multifamily developer and Nova Capital, a Los Angeles-based real estate capital advisory firm, successfully closed on a $63 million of joint venture equity and debt for the acquisition and development of Lofts iThirty, a planned 340-unit luxury multifamily property located on 10.4 acres at the Northwest corner of Broadway and Interstate 30 in Garland, Texas, one of the most active submarkets in the Dallas-Fort Worth metroplex.
Nova Capital was exclusively engaged on behalf of the sponsor, Anthem Development, a Beck Ventures Company, to arrange financing for the development of the project, which is set to break ground this month with completion scheduled for 2025. The firm ultimately secured co-investment from an institutional joint venture equity partner with over $6 billion in capital under management and a debt facility with Bank OZK.
Lofts iThirty will feature five, four-story buildings with community amenities including two resort style pools, pet spa, pet park, game room, coffee bar, remote work lounge, outdoor kitchens, two 24-hour fitness centers totaling over 3,500 square feet, elevator access, and climate-controlled corridors and more.
The community is conveniently located adjacent to Interstate 30, providing residents with convenient access to neighboring communities. Additionally, Lofts iThirty is designed to be pedestrian-friendly and is within walking distance of a variety of shopping, dining, and entertainment options, and will offer short commutes to major employers.
