$58.3 million financing secured for Texas multihousing development

The View at Sapphire Bay
JLL closed the $58.3 million construction financing for The View at Sapphire Bay, a Class A, 394-unit, mid-rise multihousing community in Rowlett, Texas.

JLL Capital Markets announced that it has closed the $58.3 million construction financing for The View at Sapphire Bay, a Class A, 394-unit, mid-rise multihousing community located on the shore of Lake Ray Hubbard in Rowlett, Texas.

JLL represented the borrower, Zale Properties, to secure the eight-year, fixed-rate construction loan through Principal Global Investors.

Upon completion in May 2024, the five-story View at Sapphire Bay will consist of one-, two- and three-bedroom floorplans with an average unit size of 941 square feet. The units will feature open island kitchens, white custom cabinetry, full-size washers and dryers, designer pendant lighting, spacious walk-in closets, quartz and granite countertops, ten- to fourteen-foot ceilings, hardwood style flooring, stainless steel appliances and private balconies. Community amenities will include co-working office space, game rooms, resort-style pool, a cabana and grill house with outdoor fireplace, a state-of-the-art fitness center, a pet spa, a garden courtyard and kitchen and a landscaped picnic area.

The site is advantageously located within the master-planned, 116-acre, mixed use Sapphire Bay development, which will be anchored by a state-of-the-art, man-made lagoon and serve as a luxury resort destination within Texas.

Situated at 30 Dalrock Rd., the property will offer residents immediate access to Interstate-30, one of the primary thoroughfares in the region that runs straight into downtown Dallas. It is proximate to a diverse corporate environment with City Line Development and Telecom Corridor just 20 minutes away. Additionally, downtown Rockwall is across the lake from the project and offers over three million square feet of retail, including The Harbor Rockwall, Steger Town Crossing, Rockwall Crossing and Plaza Rockwall.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director John Brownlee along with Director Wilson Bauer.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.