Construction financing secured for Northwest Village in Fort Worth

CHARLOTTE, July 12, 2024 – JLL Capital Markets announced today that it secured senior and mezzanine financing for the development of the first phase of Northwest Village, a to-be-built Class A multifamily project located in Northern Fort Worth, near the master-planned AllianceTexas community.

JLL represented the borrower, and the terms are confidential.

Northwest Village, developed by Woodfield Development, will feature 455 luxury apartments and town homes including 238 one-bedroom, 194 two-bedroom and 23 three-bedroom units with an average unit size of 974 square feet. The development will offer top-of-the-line amenities, such as a large coworking space with private conference rooms and individual offices, a state-of-the-art fitness center with group fitness and yoga rooms, a two-story sky lounge, a game room with golf simulator and indoor putting green, two unique pools and outdoor lounge areas for relaxation. The first apartments are slated for turnover in early 2026.   

Northwest Village is just the beginning of a larger community development plan. Alongside the 15-acre multifamily parcel, the project will also include an additional 15 acres of commercial/retail space, a 17-acre town home community and a two-acre public park.

Strategically positioned at the NWC of Hwy 114 & Roaring River Road, Northwest Village benefits from its proximity to AllianceTexas, the impressive 27,000-acre master-planned community that is home to 559 companies, offering a wide range of shopping, dining and entertainment options across its four million square feet of space. Additionally, the area boasts over 63,000 jobs, contributing to the rapid expansion of Fort Worth as the fastest-growing large city in the nation.

JLL’s Debt Advisory team was led by Senior Managing Director Travis Anderson and Managing Director Cory Fowler.

"The demand drivers in the thriving North Fort Worth submarket have consistently resulted in strong leasing activity," said Fowler. "With this sustained growth in demand drivers, exceptional liveability and a robust high-income job market, we anticipate strong and continued demand for the area in the foreseeable future."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Woodfield Development is a premier developer and operator of Class A multifamily communities. Amongst its peer group, the Woodfield partnership has unmatched experience in multifamily development and asset management. Since its founding in 2005, Woodfield has completed 65 communities, has 21 communities under construction, and numerous projects in various stages of entitlement and design. Woodfield’s earliest developments were located predominantly in the southeast and Mid-Atlantic, but the company has since expanded its footprint to include markets in the Northeast, Florida, Tennessee, and Texas.  From the first project to each thereafter, the singular goal is to deliver well-conceived, thoughtfully designed, market supported projects that hit each market’s sweet spot and create value for Woodfield’s investors and partners. Relying on local knowledge with experienced development partners, Woodfield sets the new high bar with each development it delivers. With a track record that stands above, Woodfield Development sets out to assemble the best team of designers, consultants, architects, general contractors, and capital sources – every development, every time. Read more at woodfielddevelopment.net.