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PNC Real Estate has provided a $53.3 million syndicated construction loan for Sloane Street, a 500-unit Class A multifamily project located in International Business Park, a master-planned development comprised of more than 300 acres of office, retail, industrial and now multifamily properties.
Inspired by London’s legendary shopping district, Sloane Street is being developed by Billingsley Company to reflect the aesthetic approach of the luxury destination. Distinguished by a resort-like feel, it will offer high-end finishes and amenities that include a state of the art clubhouse with a rooftop terrace, courtyard resort-style pool, fire pit and basketball courts when it opens in 2018.
Sloane Street is the third transaction PNC has completed with Billingsley since 2015. Founded in 1978 by Henry and Lucy Billingsley, the sponsor represents a diverse portfolio of real estate companies engaged in acquisition, development and management. Headquartered in Dallas, Texas, Billingsley oversees ventures in office, industrial, retail, multifamily, single-family and build-to-suit projects throughout Texas and in the Chicago, Illinois market. Like Sloane Street, Billingsley projects have a distinct feel, with detailed attention paid to design, art, color and décor.
Certainty of execution and access to capital have been key factors in growing the lending relationship with the sponsor.
Date: January 2017
Location: Dallas, Texas
Financing Amount: $53.3 million with a $28.3 million PNC hold
Financing Type: Syndicated construction loan
Scope: 500 units
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