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Madison Realty Capital arranges $77M construction loan for Shivers Farm
The mixed-use project in Southlake, Texas will include a 35,500-square-foot Whole Foods and support 37 single-family lots plus about 161,000 square feet of retail and office space.
Commercial Observer reports that Madison Realty Capital has secured $77 million in construction financing for the Shivers Farm development in Southlake, Texas, a Dallas-Fort Worth-area project led by a joint venture between Trademark Property Company and Harrison Street Asset Management.
The project will bring 37 single-family residential lots and 161,000 square feet of retail and office space, including a 35,500-square-foot Whole Foods. The retail component is planned across nine buildings on a 40.2-acre site at 1900 North White Chapel Boulevard.
Commercial Observer adds that the commercial scope is slated to include roughly 128,000 square feet of retail and 33,000 square feet of office space, with the Whole Foods marking the grocer’s first location in Southlake.
According to Madison Realty Capital, it is expected to be the only grocery-anchored retail property north of SH 114 within a three-mile radius, with retail leases totaling 40,199 square feet already signed and additional 65,000 square feet under active negotiation. Trademark said construction is scheduled to begin later this month.