Anthem Development, a Beck Ventures Company, broke ground on the first phase of redevelopment for the new Transit-Oriented District surrounding Dallas Area Rapid Transit’s (DART) Lake Ray Hubbard Station in Garland. This first phase includes the development of Lofts iThirty, a 340-unit, $64 million Class-A multifamily project located at 6302 Greenbelt Parkway. The initial opening of Lofts iThirty is scheduled for the fourth quarter of 2024.
Anthem’s rezoning effort, in conjunction with DART, Wal-Mart, Kimley Horn, and the City of Garland, took over 18-months and the first phase of this mixed-use project was permitted last month. The rezoning project was awarded by the American Planners Association for its innovative approach. The final study ultimately calls for the redevelopment of the DART station, as well as two adjacent retail & hospitality pad sites that are currently being marketed.
“DART is excited to have participated in this award-winning rezoning effort. Anthem and the City led a professional planning process that enabled everyone to meaningfully collaborate. We look forward to seeing this project take shape,” said Jack Wierzenski, the Asst. VP of Economic Development for DART.
Lofts iThirty will feature five, four-story buildings with amenities including two resort style pools, pet spa, park, game room, coffee bar, remote-work sky-lounge, outdoor kitchens, elevator access, climate-controlled corridors, and two 24-hour fitness centers totaling over 3,500 square feet. The community is conveniently located adjacent to Interstate 30, less than 15 minutes from Downtown Dallas. Additionally, Lofts iThirty was designed to be pedestrian-friendly and sits across from Duck Creek Trail, as well as a variety of shopping, dining, & entertainment options, and will offer short commutes to major employers.
Anthem exclusively engaged Nova Capital to arrange financing for the development of the project with Bank OZK, and ultimately secured co-investment from an institutional joint venture equity partner with over $6 billion in capital under management.
“We were able to close on this project during a period of volatility in the economy and capital markets where other groups are having difficulty getting their projects financed, especially development deals,” said Will McNutt, President of Anthem, “but we are blessed to have excellent partners”.
Scott Beck, CEO of Beck Ventures said, “As the market continues to evolve, financing deals will be more difficult as many lenders are on the sidelines and/or providing conservative financing terms. Capital groups are being very conservative with their assumptions and cautious with new transactions. Having strong, experienced partners, especially ones that underwrite with conservative assumptions, are why we are proud to be involved with Anthem.”
“This is our latest deal with this institutional JV equity partner and Bank OZK,” said Ross Frankfurt, Anthem’s CEO said, “We couldn’t be more excited and are continuing to actively seek development opportunities as well as to acquire existing multifamily. Being able to close this sized transaction in today’s environment shows the strength of our vertically integrated platform.”
“I wanted to be certain that this critical redevelopment along I-30 was done right,” said Garland Councilman B.J. Williams, who represents the area, “A special thanks goes to our Garland staff for a thorough and thoughtful process.”
