Bell Nunnally Senior Counsel Nikki Hurst Gibson and associate Murphy C. Sayre recently helped close a $12.8M residential lot loan for client Frontier State Bank. The loan was issued to and secured by MM Finished Lots II, LLC (an entity related to Mehrdad Moayedi) through the refinancing of 155 finished lots under contract of sale and located in six subdivisions in Collin, Dallas, Denton and Tarrant counties. Washita State Bank also served as a participant in the transaction.
The $12.8M residential lot loan comes on the heels of an even larger loan closed by Gibson between the Mehrdad entities and client Frontier State Bank, this time for $20.9M for construction of the Jackson Street Garage, adjacent to the newly-renovated Statler Hotel and Residences in downtown Dallas. In that transaction, the borrower was CADG Jackson Parking A, LLC.