Stonehawk Lands Refi For Grand Prairie Apartments

Stonehawk Capital Partners scored a refinancing for its Grand Prairie property near the site of a 5,000-acre master-planned development.

The $44.6 million loan will be used to refinance The Henley, a 255-unit apartment complex Dallas-based Stonehawk developed in 2024 at 3850 Double Oak Avenue, according to a release from Walker & Dunlop. Goldman Sachs provided the floating-rate, interest-only bridge loan. Walker & Dunlop’s Walker Layne, Stephen West, Matthew Wallach, Austin Sneed and Tyler Evenson arranged the deal.

The Henley offers one- and two-bedroom units as well as a two-story gym, pool and dog park. It’s about 30 miles southwest of downtown Dallas, near Midlothian and Mansfield.

As North Texas’ multifamily market struggles to absorb historic amounts of supply, operators and developers have required a boost to secure debt from institutional investors. In the case of The Henley, its location may be the draw.

Grand Prairie, a suburb between Arlington and Dallas, is netting investor attention due to its population growth and the city’s focus on offering a quick permitting process for new real estate development projects. In the last two years, Grand Prairie has annexed more than 2,000 acres to support the development of Goodland, a 5,000-acre master-planned community that will be built across Highway 287 from The Henley.

Dallas-based Provident Realty Advisors is the developer of Goodland, which is billed as “a city within a city,” and will include trails, dance halls, churches, parks, shops and restaurants. At full build-out, it’s expected to have 10,000 housing units and be home to nearly 50,000 people. The project will benefit from the opening of Goodland Parkway, a four-lane road that will connect Highway 287 to Highway 360.

Stonehawk is also developing apartment communities in other high-growth Dallas-Fort Worth suburbs, including The Olsen in Garland, The Dalton in McKinney, The Weldon in Denton and The Dawson in Arlington.