$87.3 Million Loan Funds New Plano Apartment Tower

That new Plano apartment tower is being financed with a $87.3 million loan.Construction started last month on the 29-story rental tower in the $3 billion Legacy West development at State Highway 121 and the Dallas North Tollway.The $100 million, 328-unit LVL 29 tower will open in early 2019 with apartments ranging in size from 600 square feet to a 3,800-square-foot penthouse.Love Funding, a subsidiary of Midland States Bancorp Inc., said it provided the $87.3 million Federal Housing Administration loan to build the Plano high-rise.NE Development is building the tower which was designed by Dallas architect Humphreys & Partners. Hunt Construction Group is the general contractor.Loving Funding said the financing for LVL 29 is the largest FHA construction loan ever issued in the Southwest region.  Continue reading...