A 268-unit workforce housing development is rising in East Fort Worth after its developer locked down a $50 million construction loan package, betting that renters priced out of the metroplex's newer luxury towers will fill nine three-story buildings off Anderson Boulevard. Vic Partners is developing the project, called Vic Centre, at 7120 Anderson Blvd., just outside Loop 820 and north of Interstate 30.
The financing includes a $36.5 million primary line of credit from OakNorth Bank for construction, according to Connect CRE. OakNorth Bank and Hickory CRE Capital, described as a commercial real estate lender, together provided $48 million in joint financing, while Concord Summit Capital arranged the overall construction loan. Vic Partners has put the total construction cost at $41.7 million, and the capital stack was structured with an 80% loan-to-cost ratio combining senior construction debt with mezzanine financing, according to Connect CRE's separate reporting on the $50 million total package, which notes the deal was brokered by Concord Summit directors David Larson and Keegan Burger.
M-13 Construction is also developing Vic Centre alongside Vic Partners. Utah-based Summa Terra Ventures has been identified as a co-sponsor and co-developer on the project, according to its own portfolio materials, which describe the firm as active in multi-family and mixed-use communities across Utah, Texas, Missouri, South Carolina, and Indiana.
What's Actually Getting Built
The finished complex will offer a mix of 54 studio apartments, 108 one-bedroom units, and 106 two-bedroom units, per Summa Terra Ventures' project materials, spread across the nine three-story residential buildings. Amenities will include a fitness center, a business center, a clubhouse, and a pickleball court, plus 402 parking spaces for the 268 units. Construction on the 242,000-square-foot project got underway in mid-2026, with full buildout expected within 24 months, according to Bisnow, which reported the development sits on a 19.18-acre site.
The site's planning history stretches back further than the recent financing news. Texas Department of Licensing and Regulation records list the project under case number TABS2022026341, citing an estimated construction cost of $41.8 million across roughly 250,000 square feet, with the site plan submitted for state accessibility review in late 2022. The City of Fort Worth Building Standards Commission was tracking municipal filings for the Anderson Boulevard parcel as early as February 2023 under case ACP-23-65, illustrating a multi-year entitlement process before the construction loan came together this year.
Why Lenders See Workforce Rentals as a Safe Bet
OakNorth Debt Finance Director Dylan Jagjivan said in August that Fort Worth's job growth and population inflows have outpaced the delivery of attainably priced rental options, a gap that has pushed strong demand toward workforce housing rather than speculative luxury projects, according to Multi-Housing News. The outlet's report noted the project is designed to reach local workers who have been underserved by existing housing inventory in the area.
That lender confidence lines up with a broader shift in the national multifamily market. U.S. apartment absorption outpaced new completions in the second quarter of 2026 for the first time in more than four years, with roughly 39,000 units absorbed against 34,000 delivered, a tightening that lifted effective rents by 0.8%, per the same outlet's coverage. New construction completions have dropped sharply since their late-2024 peak, a pullback that has left demand catching up to supply in markets like Fort Worth.
Locally, the Dallas-Fort Worth metroplex's median asking rent stood at $1,462 in May, a 2.9% year-over-year decline as advertised rents faced downward pressure nationwide, according to Hoodline's earlier reporting on North Texas real estate. National asking rents had fallen year-over-year for 34 consecutive months through mid-2026, even as workforce-tier projects like Vic Centre continue drawing lender interest.
A Location Built Around the Commute
Vic Centre's East Fort Worth location outside Loop 820 puts it roughly 15 minutes by car from both downtown Fort Worth and downtown Arlington, according to project materials cited by Connect CRE's financing report. Developers are also making improvements to local Anderson Boulevard infrastructure as part of the build-out.
The project adds to a wave of workforce and mixed-income housing announcements across Fort Worth this year. Hoodline previously reported on new apartments moving into Stockyards North, part of a broader local push to expand attainably priced rental supply as the region's population continues to grow faster than its housing stock.
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