Conor CRE Secures Financing for Dallas Apartments

Conor Commercial Real Estate secured funds to pay off the construction loan on its newly completed East Dallas apartment project.

The Chicago-based McShane Companies subsidiary borrowed $78.7 million in construction takeout financing for its recently delivered project, The Flynn at Live Oak, according to a release from JLL. JLL’s Lucas Borges, Lauren Dow, Sam Tarter, Aidan Flanagan and Christian Johnston represented the borrower, a partnership of Conor and Globe Corporation.

The five-story building, at 4931 Live Oak Street, will have 327 units with a range of studio, one- and two-bedroom apartments. Amenities include a pool, sky lounge, gym, coworking space and fire pits.

Both the project’s estimated timeline and cost have changed since Conor’s 2022 state filing for the building. At the time, it was expected to cost $50 million and be completed by March 2024.

Multifamily developers have struggled to stabilize apartment buildings in North Texas since the pandemic, thanks to a combination of rising interest rates and a historic deluge of new apartment supply, pushing rents downward.

In light of these challenges, The Flynn is offering substantial concessions to new renters in the form of two months of free rent. One-bedroom units at the building start at $1,655 per month, according to the building’s website.

Multifamily development has taken off in Old East Dallas, a neighborhood about 3 miles from downtown. Interest in the area is more recent; a decade ago, it was identified as a hotspot for violent crime, prompting the Dallas Police Department to target the area for increased patrol.

The Flynn at Live Oak is close to The Central, a 27-acre mixed-use district being developed by Artemio De La Vega’s De La Vega Development. The project is home to a 321-unit apartment building, The Oliver, which was developed by StreetLights Residential. De La Vega told the Dallas Business Journal that he’s bringing a hotel from Marriott’s Autograph Collection to the site.