ORIX Real Estate Americas announced the closing of a $26.6 million construction loan that will be used to build a 208-unit multifamily development—South 400—in Fort Worth’s Southside Medical District.
The developer plans for the project, located at 400 S. Jennings Ave., to feature a five-story parking garage with secure access to each floor of living units, as well as some retail space on the ground floor.
“We are excited to provide financing to a developer that wants to be a part of the continued growth and expansion of this unique Fort Worth neighborhood,” said Ron Lawrie, Managing Director of Real Estate Lending and Acquisitions for ORIX Real Estate Americas. “According to the borrower, South 400 has the potential to become an anchor within the community, with unique views of the Fort Worth skyline. Our penchant toward financing multifamily developments of these types of urban, infill properties and the solid employment growth within the district attracted us to this lending opportunity.”
The borrower has described South 400 as a part of the gentrification of the Southside Medical District, located south of the Central Business District, and anticipates that it will serve the 30,000 medical employees of the various hospitals and medical support facilities in the area.