A 48-home luxury subdivision is taking shape on a 14-acre stretch of northeast Plano, just steps from the city’s largest park, after developers secured $29.65 million in construction financing to get the first homes out of the ground. The project, known as The Urban Preserve at Oak Point, sits at 2601 East Parker Road and is being built by Modern-E Homes under Thanh Vuong Investments, LLC.
Meridian Capital Group arranged the $29.65 million in construction financing for the first phase of the community, according to the New York Real Estate Journal. Brian Flax and David Sirchenko of Meridian Capital Group arranged the deal, and commercial real estate database Traded reported that Charles Saad of CS Capital Group represented the buyer in negotiating the transaction. The financing came from Arixa Capital, which provided the loan as non-recourse debt carrying an 80% loan-to-cost ratio, structured around the project’s construction timeline.
Loan proceeds will fund both horizontal site development and vertical construction of the first 30 homes, which comprise phase one of the 48-home build-out, per the same report. The development team began phase one on schedule, and the project is expected to deliver all 48 single-family homes at full build-out.
A 14-Acre Site Backing Up to Plano’s Largest Park
The development sits on a 14.076-acre parcel — 613,151 square feet — zoned for residential use, with an annual property tax assessment of $26,629, according to the Realtor.com listing and county assessment data. The site is situated near Oak Point Park and Nature Preserve, Plano’s largest park, with 800 acres of trails, open space, and natural terrain in the northeast part of the city, per Modern-E Homes. That proximity is a central part of the pitch for a project marketed under the Urban Preserve name…