TPEG funds construction of 260 luxury apartments in North Richland Hills

Enclave at Hometown will be a 260-unit luxury apartment complex in North Richland Hills, Texas. Construction began shortly after funding. The $25.4 million project required $4.4 million in preferred equity and $1.3 million in mezzanine debt. The preferred equity accrues 8% interest and the mezzanine pays an 8% current yield and accrues an additional 2%.