StreetLights Residential has secured $54 million in equity, along with $111.5 million in construction loans, for a new 22-story Plano apartment complex expected to open in 2029. The project will be part of the conversion of The Park of Legacy, a 107-acre office campus into a mixed-use development with apartments, hotels and restaurants. It used to be JCPenney’s headquarters.

Northmarq’s Dallas debt and equity team — Joel Heikenfeld, Charlie Rimkus and Charlie Robinson — arranged the equity financing on behalf of StreetLights. The transaction is structured on a five-year term.

 Residence sizes will range from 682 to 2,843 square feet. The project will also build three 3-bedroom townhomes ranging from 3,283 to 3,316 square feet next to the high-rise.

Amenities will include a pool with private cabanas, a sky lounge with panoramic views, a golf simulator, a fitness center and coworking spaces. Residents will also have access to a library and will have pet-friendly features.

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The post StreetLights Advancing Apartment Venture at Former Plano Office Campus appeared first on Connect CRE.

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