Developer Building Phase II of Lubbock Apartment Venture
Martin Inderman Development obtained a $27 million construction loan for La Ventana at Canyon West Phase II in Lubbock, Texas. Dwight Capital arranged a HUD 241(a) new construction loan.
Phase II is a 104-unit, upscale market-rate development that will be situated on a 4.24-acre site adjacent to the existing Phase I community, creating a single 292-unit property.
The project will consist of 10 two- and three-story residential buildings offering 54 one-bedroom, 46 two-bedroom, and four three-bedroom units. Each unit will include a private patio or balcony with storage, and 25 select units will offer private pet yards.
Community amenities will include a sports court, cornhole area, BBQ courtyard with picnic tables and grills, a chess courtyard, dog park, dog washroom, perimeter fencing, and EV charging stations. Phase II residents will also have shared access to the clubhouse and swimming pool from Phase I.
The transaction was originated by Brandon Baksh and Tommy Ng on behalf of Martin Inderman Development.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout