A so-called urban village is a step closer to taking shape in a wealthy Dallas suburb as part of the larger Fields mixed-use development that is expected to comprise 2,500 acres in North Texas.
The 55-acre Fields West project is expected to bring hundreds of thousands of square feet of new real estate to Frisco, Texas, a fast-growing suburb about 27 miles north of downtown Dallas. Fields West landed $425 million of new construction financing and is lined up to receive $70 million from the city of Frisco in bond funds.
The development partnership behind Fields West is led by developer Fehmi Karahan and includes Hunt Realty Investments, Chief Partners and Crosstie. The $425 million construction loan was provided by Bank of America, JPMorgan Chase and Prosperity Bank.
Fields West is one of the largest mixed-use projects underway in Texas and is expected to include upscale retail space, offices and apartments.
The closing of a construction loan this size speaks to the trust of lenders and partners in the Fields West vision, said Karahan, who is president and CEO of The Karahan Cos.
