Northmarq Arranges Joint Venture Equity for Irving Multifamily Project

Northmarq’s Dallas office has negotiated the joint venture financing for the development of The Mustang, a 275-unit, Class A+ multifamily project in Irving, according to a news release.

Joel Heikenfeld, senior vice president and senior director and James Currell, senior vice president of Northmarq’s Dallas office, negotiated financing for The Mustang.

“This is a repeat joint venture transaction between the LP, a REIT, and American Residential Group (ARG). We are excited to see this partnership grow,” Heikenfeld said in the release.

“This is the last development site on Lake Carolyn, and the partnership is going to deliver a best-in-class property to an area that has attracted two Fortune 500 corporate relocations in the past few months,” Currell said in the release.

The Mustang is located at 601 East Las Colinas Blvd. in Irving and is scheduled to be completed in 2024.

The project will feature 275 residential units and will stretch the lakeside of Lake Carolyn, providing residents with exclusive views and walking trails. The expansive property will include a sky lounge, fitness studio, library, dog park & spa, dining room, private office suites and outdoor putting green.

Read the full story at Dallas Business Journal.