Zale Properties has successfully secured construction financing for The Monarch, a 325-unit luxury residential development in Allen, Texas, a Dallas suburb. The financing, a four-year, floating-rate loan arranged by JLL through Kennedy Wilson, will support the project, with an estimated completion in the first quarter of 2027.

The Monarch will span 302,696 net rentable square feet, offering a mix of one-, two-, and three-bedroom units. The average unit size will be 931 square feet, featuring gated patios, a pool, outdoor grills, and a fitness center among the planned amenities.

Located at 1424 Bliss Ave., at the intersection of Alma Road and Highway 121, The Monarch will be part of an 80-acre mixed-use development near major multi-phase developments, retail centers, and office spaces. The surrounding area has seen a 157% population growth within a 1-mile radius since 2010.

“This is a vibrant mixed-use corridor that offers premier access to DFW’s most in-demand entertainment and employment centers,” said Bo Beidleman, director at JLL. “This is a unique site at the intersection of some of the strongest demand drivers in North Texas. It benefits from multiple active developments nearby, affluent demographics, and upscale lifestyle amenities.”

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director John Brownlee, Beidleman, and Analysts Chad Lisbeth and Jordan Buck.

Earlier this year, Zale Properties secured a $49.9 million loan for The Grove at La Frontera, a 396-unit luxury development in Arlington, Texas, which is set for completion in spring 2025. The Grove will include 336 apartments and 60 bungalow-style single-family rental units, along with 10,000 square feet of retail space. In October, JLL also facilitated the sale of Coronado Apartment Homes, a 264-unit community in Dallas, securing a $23.2 million Freddie Mac loan for the buyer, Archway Equities. This transaction marked Archway’s return to the Texas market after a two-year hiatus.