Northmarq arranges $54M equity placement for Park at Legacy high-rise apartments in Plano, TX
Image credit: StreetLights Creative Services
PLANO, Texas — Northmarq's Dallas Debt + Equity team of Joel Heikenfeld, Charlie Rimkus and Charlie Robinson successfully arranged $54 million in equity financing for Park at Legacy, a 355-unit high-rise apartment community located at 6501 Legacy Dr. in Plano, Texas.
Northmarq secured the financing on behalf of the borrower, StreetLights Residential, through a correspondent relationship with a confidential equity source. The transaction was structured on a five-year term.
"Despite a selective capital markets environment, high-quality projects in premier locations continue to attract significant investor interest. Park at Legacy exemplifies the type of differentiated development that equity partners are actively seeking today," said Heikenfeld.
Park at Legacy is a 22-story luxury residential tower featuring 261 high-rise residences and three adjacent townhomes, situated on a 2.74-acre site within the 100-acre former JCPenney headquarters campus. The development offers residences ranging from approximately 682 to 2,843 square feet. The project will feature structured parking and an extensive suite of hospitality-inspired amenities.
Located within Plano's prominent Legacy corridor, the property offers walkable access to Legacy West — the region's premier retail destination featuring 30-plus retailers and 20-plus restaurants — as well as four lakefront restaurants, a luxury hotel and three Class A office buildings planned within The Park at Legacy master plan. Residents will enjoy direct access to 12 acres of public parks, four miles of walking trails, pickleball courts and dog parks.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
