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Primrose Capital arranges $36 Million in Financing for Avenue One Masterplan

Allen, TX – Primrose Capital announced today that it arranged approximately $36 million in financing on behalf of Thakkar Developers for the development of ‘The Avenue’ master planned community located along the growing 121 corridor in Allen, Texas.

Primrose Capital worked on behalf of the developer to secure the financing through a Chicago based fund via one of their private credit vehicles. The proceeds of the loan will be used to commence development of the 80-Acre master plan, which will include approximately 1,600 urban residential units, one million sqft of office, single family homes and curated retail for a true Live-work-play community. Joshua Emory, a Principal at Primrose Capital commented “We are very excited to have capitalized this development which will be a remarkable addition to the growth of North Dallas and City of Allen. The Thakkars have been pioneers in this market for years and have programmed something truly special for this site. While there was strong interest from the lending community for the financing, the lender was able to work quickly to structure and deliver a creative financing solution which met the needs of the borrower.”

“Thakkar Developers is experiencing a lot of momentum in our development of The Avenue and we are excited to bring this project to the Allen community. Our plans include an outdoor plaza that will serve as a central gathering place within a short walking distance from the office building, shops, restaurants and residences,” said Poorvesh Thakkar, Chief Executive Officer. “We are seeing strong demand from office, retail, and residential users. And, the Avenue’s prime location provides excellent access to all areas of the DFW metroplex.”

Upon completion, The Avenue will be one of the most sought after master planned communities in North Dallas for both residents and tenants alike; with its manicured streetscapes, communal areas, easy access to Highway 121 and seamless Live-Work-Play design. Infrastructure construction is underway and is scheduled for completion in the third quarter of 2022.

Thakkar Developers efforts on this premier mixed-use project are supported by key partners including Kimley-Horn & Associates engineers; BOKA Powell architects and Cushman & Wakefield brokers for a new Class A office building to be constructed on the site; DuWest Realty retail brokers; and, RPMx Construction who is serving as the general contractor for site development.

Primrose Capital, LLC is a fully integrated real estate capital advisory firm with offices in Miami, New York and Los Angeles, specialized in the placement of debt financing and joint venture equity for leading real estate institutions, developers and property owners throughout North America. As a trusted advisor, Primrose Capital is an expert at structuring custom tailored financing solutions for some of the most complex commercial real estate transactions.

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