Gold Creek Development scored refinancing for its apartment complex in the Fort Worth suburb of Burleson.
The Weatherford-based developer secured a $74.6 million loan for the 672-unit Shannon Creek Apartments, at 1650 Candler Drive. The five-year, fixed-rate loan, which comes to $111,000 per unit, is part of Fannie Mae’s Green Building Certification program and will be amortized over 30 years. The program finances properties that meet energy efficiency requirements.
Greystone, a New York-based commercial real estate finance company, originated the financing.
The complex, built in 2023, is a garden-style community of 24 buildings. It was valued at $67 million this year, according to Johnson County appraisal records.
Getting fresh financing has been a challenge for commercial property owners since interest rates began rising in 2022.
Banks have grown more wary of lending to commercial property owners, and the spike in interest rates has made debt more expensive in general. Property owners in dire trouble have been forced to sell their properties at a discount. Other distressed properties are returning to lenders.
Commercial foreclosures are up 129 percent year-over-year in Texas, Bisnow reported in March, citing data from Attom Data Solutions.
Burleson is a town of about 19,000, located 16 miles south of downtown Fort Worth. Between 2020 and 2023, it grew nearly 10 percent, adding 1,600 people, according to data from the Texas Demographic Center.
Gold Creek Development has developed projects in the Texas triangle and in Colorado, according to the firm’s website.
In 2022, the firm’s CEO Ryan Voorhees made news for purchasing 375 acres in Cressen from Granbury developer Ike Thomas. He has plans to develop a mixed-use project with commercial and multifamily development. Cressen is a town of about 1,300 located 25 miles southwest of Fort Worth.
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