Stryker Properties and Griffon Capital Management have secured a $57 million construction loan from BridgeInvest for the Freemont Frisco Apartments, a new 313-unit development planned in Frisco, Texas. The project will be located at 9402 Frisco Street.
According to BridgeInvest, the financing amounts to approximately $182,000 per unit. An undisclosed portion of the apartments will be offered at affordable rates as part of a partnership with the Housing Authority of the City of Frisco. Through a sale-leaseback arrangement and ground lease with the housing authority, Stryker and Griffon will reserve 45 percent of units for individuals earning up to 80 percent of the area median income (AMI), and five percent for those making up to 60 percent AMI. In return, the developers receive property tax credits.
“Public-private partnerships have been critical to getting projects to pencil while institutional lending is harder to access,” said representatives involved in the project.
The current multifamily market in Dallas-Fort Worth has seen some challenges, with average monthly rents declining by 0.4 percent between the second and third quarters of 2025 to $1,541 per month, according to CBRE. However, Frisco remains a strong submarket due to its population growth; in 2024, Frisco’s population increased by 6.9 percent based on data from BridgeInvest.
This approach—combining public funding with development in high-growth areas—has also been used recently by JPI for its Jefferson Ownsby apartment complex in Celina. JPI secured $23.5 million through C-PACE funding for that project.
Stryker Properties is headquartered in Plano and specializes in multifamily syndication. Griffon Capital Management is an apartment developer based in Corpus Christi.
