Urban Standard Capital, USC, a New York-based investment firm, has arranged a $9.5 million acquisition and construction loan for Chesterfield Faring, Ltd to take over a new development of 20 townhomes in Dallas, Texas.
The project, at 3911 North Hall Street in Park City, a high-end development of market rate triplex townhomes located near downtown Dallas, is close to completion. The 49,000 sq. ft. development was bogged down in bank default over a year ago and as a result of this recapitalization construction will resume in the coming weeks.
According to USC Vice President Jeremy Plofker, “USC had an existing relationship with Chesterfield Faring and it was natural that they came back to us for this project,” said Plofker. “The borrower saw a good opportunity to bring a new product to a growing market that is already in high demand.”
Chesterfield Faring Ltd, (CFL) was founded in 2006 by Lawrence Selevan who is now the CEO/Chairman of the New York-based investment banking company that prefers to make equity, mezzanine and senior loans and acquires distressed debt.
USC manages $300 million of real estate equity and debt investments across its platforms.