Getting an apartment project off the ground in today’s tight lending environment and sluggish multifamily market isn’t easy, but public-private partnerships and North Texas growth can provide a much-needed boost.
Stryker Properties and Griffon Capital Management scored financing for Freemont Frisco Apartments, a planned project with an affordable component in fast-growing Frisco. BridgeInvest is providing a $57 million construction loan for the 313-unit development that will be built at 9402 Frisco Street, according to a news release from the lender. The financing works out to about $182,000 per unit.
An undisclosed portion of the units will be available at affordable rates, as part of the project’s partnership with the Housing Authority of the City of Frisco. The developer team did a sale-leaseback with the organization and entered into a ground lease, property records show. In exchange for property tax credits, the property will reserve 45 percent of units for people making 80 percent of the area median income and five percent for those earning 60 percent AMI.
Public-private partnerships have been critical to getting projects to pencil while institutional lending is harder to access.
Plus, Frisco’s rapid growth insulates projects from the region’s multifamily headwinds. The average monthly rent for Dallas-Fort Worth multifamily projects was down 0.4 percent from the second to the third quarter of 2025 to $1,541 per month, according to a recent report from CBRE. Frisco, a city of more than 200,000 people about 30 miles north of Dallas, is a consistently strong submarket, thanks to its population growth. In 2024, its population jumped 6.9 percent, BridgeInvest’s release shows.
The combination of public funding and high-growth submarket is the same recipe JPI recently used to help finance the development of Jefferson Ownsby, a 436-unit apartment complex it’s building in Celina. JPI landed $23.5 million in C-PACE funding, the state policy-enabled green lending program, for the project at 317 East Ownsby Parkway.
Stryker Properties is a multifamily syndicator based in Plano. Griffon Capital Management is an apartment developer based in Corpus Christi.
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