The McFarlin Group just broke ground on its newest active adult community in Dallas, Texas, The Blake at Bent Tree. Featuring 200 units, the community is McFarlin’s 17th development in Dallas, and the company is based in the city, as well. The Blake was developed as an active adult community but offers a future buyer the ability to convert it to full-service independent living, if they choose. It will offer food, programming and laundry services, as well as amenities such as an outdoor BBQ and entertainment area, a golf simulator, outdoor pool with hot tub, pickleball court and professional concierge services, among others. Greystar will operate it under the Elate brand.
Berkadia announced that it financed the project with a HUD Section 231 loan totaling $48.3 million and featuring a 40-year term. The loan was structured at 80% loan-to-cost, putting the development cost at around $60 million, or $300,000 per unit. There was also the flexibility to modify the loan to lower the interest rate when rates (inevitably) decrease.
