Northmarq secures construction financing for Lexington Village in Frisco, Texas

DALLAS, TEXAS (January 11, 2023) – Bobby Weinberg, managing director, and Mason Brower, vice president of Northmarq’s Dallas debt/equity team arranged financing for the development of Lexington Village Shopping Center. The grocery-anchored retail project will contain 90,000 sq. ft. of space on 15 acres of land in Frisco, Texas. 

The $25,441,000 loan carries a term of 5-years with 3-years of interest only followed by a 30-year amortization schedule. Northmarq secured the loan for the borrower and developer, Centergy Retail, through its relationship with a local bank. 

The retail project is part of a larger 600-acre master-planned, mixed-use development with a projected value upon build-out expected to be more than $1 billion. Surrounding the property will be 2,500 single-family residences, 2,200 multifamily units, schools, parks, and an amenity center. The retail development will feature a Tom Thumb grocery store as well as 30,000 sq. ft. of in-line retail, restaurant space and three (3) outparcels. A number of nationally-recognized tenants have already drafted letters of intent to occupy the development upon completion. 

“Our team was able to secure a lender who offered the best combination of leverage and pricing on a non-recourse basis,” explained Weinberg. “We are very happy to have facilitated this first interaction between our borrower and this lending partner.”