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TPEG funds construction of 260 luxury apartments in North Richland Hills

May 31, 2012

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%.

 

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