DALLAS, Texas – Oct. 7, 2021 – Regions Bank on Thursday announced the company’s Real Estate Banking team is providing financing to Birmingham, Alabama-based LIV Development for the construction of a $66.9 million multifamily apartment complex in Prosper, Texas, that will help meet housing needs in the growing Dallas-Fort Worth Metroplex.
The community will occupy a 15-acre site in downtown Prosper. It will have 329 units including townhomes as well as apartments featuring one, two, and three bedrooms. Average unit size will be 1,038 rentable square feet. The Class-A multifamily development will be part of an increasingly walkable community, with access to nearby dining and entertainment venues.
“Demand for multifamily housing remains very strong across Dallas-Fort Worth, particularly as Texas continues to benefit from business expansions, corporate headquarters relocations, and more,” said Clark Worrell, Income Property Finance relationship manager with Regions Bank. “The work Regions Bank is doing with LIV reflects how the banking industry can be part of the solution to housing needs by providing capital to support community-focused developments in growing areas like North Texas. This location offers downtown walkability and good tollway access in one of the most highly-rated school districts in the state, and the people who will call this development home can expect to enjoy the same level of amenities and quality of life LIV provides across all of its communities.”
“It has been a pleasure thus far working with the Town of Prosper. We look forward to delivering the type of highly amenitized, Class A product that LIV Development is known for nationally,” said Andrew Murray, LIV’s Managing Director of Development.
LIV’s Prosper development, which will be formally named at a later date, is expected to be completed by late November 2023.
The development will be near the “North Platinum Corridor,” one of the most dynamic development concentrations along the Dallas North Tollway.
This area includes many completed, under construction, and proposed developments, including Hall Park, the Dallas Cowboys Headquarters, corporate operations for Toyota, and the Texas Scottish Rite Hospital for Children.
Regions Real Estate Banking is a team of four business groups – Real Estate Corporate Banking, Income Property Finance, Homebuilder Finance, and Regions Affordable Housing – strategically assembled to meet the needs of professional real estate companies, developers, and investors.
Regions delivers competitive products with superior service marked by speed, certainty, and creativity, leveraging the bank’s full capabilities to offer a wide range of integrated banking solutions to help real estate businesses succeed and grow.
More information about Regions can be found at www.regions.com. Additional information on LIV Development can be found at https://livdev.com/.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $156 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,300 banking offices and approximately 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
About LIV Development
LIV develops, acquires, and operates Class A multifamily communities across the southern United States. Known for intentional and innovative design, leading edge amenities, and desirable locations, LIV seeks to enrich the lives of its residents while positively impacting communities and delivering superior returns to investors. Throughout its 15-year history, LIV has developed or acquired more than 20,000 multifamily homes with a total combined market capitalization of $3 billion. Headquartered in Birmingham, Alabama, LIV has regional offices in Charlotte, Dallas, and Tampa. Learn more at livdev.com.