Carbon Companies snagged a $138 million bridge loan for The Links on PGA Parkway apartments in Frisco.
The Dallas-based developer will use the loan, from MF1 Capital, to refinance debt from the project’s first two phases, which delivered 690 units, according to a news release.
BayBridge Real Estate Capital brokered the deal, along with Carbon’s CEO Ed Garahan and CFO John Hood. A team from BayBridge originated the financing from MF1, a New York-based firm specializing in multifamily bridge lending. Carbon’s Hood did not immediately respond to a request for comment, and a broker from BayBridge declined to comment.
Carbon Companies plans to start construction on the third and fourth phases’ 620 units in December. The nearly $100 million cost for the next two phases still needs financing, the release said.
Rents at The Links, at 15950 Paramount Way and less than 2 miles from the $520 million Omni PGA Frisco Resort, range from about $1,400 to $3,200 a month, online listings show. The development’s amenities include poolside cabanas, courtyards with outdoor kitchens and a golf simulator room with a lounge.
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Frisco’s population has grown by 12 percent since 2020, according to the U.S. Census Bureau, and since PGA of America’s $34 million headquarters opened in 2022, developers have been buoyed by the area’s consistent growth and investment. JVP Management’s $3 billion development The Mix is planned to break ground before the year’s end, and Hall Group’s $7 billion HALL Park opened this year. The Links was the “first one out of the box” in the area, Carbon’s Garahan said.
More opportunities for refinancing in commercial real estate are expected following the Federal Reserve’s rate cut last month, and the deals are already flowing. Dallas-based NexPoint Residential Trust, for example, secured a $1.5 billion deal for 34 apartment complexes throughout the Sun Belt, and Omega Real Estate Management scored a $103 million loan for an apartment project in North Miami.
Correction: This story has been updated to correct the spelling of BayBridge Real Estate Capital.