The 36-unit Fort Worth, Texas, condominium construction project is expected to help address the city’s affordable housing shortage.

Direct private lender Navigator Private Capital recently funded a ground-up 36-unit condominium project at 123 Merritt Street in Fort Worth, Texas. After closing the loan in November 2023, the borrower went right to work. With a $6 million construction budget, the borrower is putting up two buildings—one with 18 one-bedroom units and the other with 18 two-bedroom units.

The units will feature high-end appliances and finishes, including vinyl plank flooring, granite countertops, and custom cabinetry. On-site amenities include in-unit washer/dryers, private balconies, and abundant parking.

The Opportunity

Affordable housing options across the U.S., including in Texas, are limited. The Merritt condominium project helps fill this gap. It offers single-family residential homes at an attainable price point in bustling downtown Fort Worth.

During the past decade, population growth in Tarrant County, where Fort Worth is located, has averaged 1.4% annually. This exceeds the nationwide population growth rate of 0.5% by a large margin. This growth coupled with strong employment opportunities has created a powerful demand for housing. The Merritt project is positioned to meet this demand.

Solutions & Outcomes/Results of Loan

The construction process is ongoing. The 36-unit project is slated for completion in May 2025. The borrower expects to begin sale of the units in advance of project completion.

Exit Strategy

The units will be listed for sale with the expected sales price for the units between $225,000 to $400,000. Once these condominiums hit the market, they are expected to sell swiftly.