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West Village secures construction financing
OKLAHOMA CITY – CBRE Capital Markets’ Debt & Structured Finance has secured $66 million in construction financing for the development of West Village, a mixed-use project of 345 units in Oklahoma City.
The loan for the Class A, mid-rise apartment project is funded through the U.S. Department of Housing and Urban Development’s Section 220 new construction mortgage insurance program, providing an interest-only construction period of 26 months with a 40-year, non-recourse, and fully amortizing permanent loan at 3.6 percent.
Chris Dunning of CBRE’s Oklahoma City office and Chad Ricks of CBRE’s Dallas office originated the loan through CBRE’s FHA lending platform on behalf of the sponsor, Oklahoma City-based MAZ I LLC and Hall Capital.
Construction started in December on the development at 835 W. Sheridan Ave.
The project is near the 21c Museum Hotel and Jones Assembly. The 21c Museum Hotel building was used in the assembly of Model T Ford automobiles.
West Village will include retail space on the first floor that is expected to include art studios, a restaurant, and a coffee shop.
“The transformation of the historic Fred Jones Manufacturing plant, where my grandfather started his career, into the 21c Museum Hotel marked the biggest step so far in our vision to revitalize this area of downtown Oklahoma City,” said Fred Hall, chairman and CEO of Hall Capital. “The response to 21c has exceeded our wildest expectations, and anticipation is building for the opening next year of the Jones Assembly. The last piece of our master plan is this exciting urban mixed-use project, West Village.”
Arrive Architectural Group, based in Bedford, Texas, is the architect for West Village. The general contractor is CMS Willowbrook Inc. of Oklahoma City.