Resia Secures $38M for Metroplex Community
ACRE issued the bridge financing.
Resia has secured a $37.9 million bridge loan for Resia Rayzor Ranch, a 322-unit community in Denton, Texas, according to public records.
Global private equity firm ACRE issued the note, in a deal arranged by JLL Capital Markets.
Previous financing included a $41.8 million HUD section 223(f) loan, with a 6.28 percent interest rate, originated in 2023 by Colliers Mortgage, Yardi Matrix information shows. The maturity date was set for 2058.
JLL Capital Markets Managing Director Jesse Wright and Directors Philip Galligan and Lauren Dow led the debt advisory team that secured the financing on behalf of the borrower.
Resia stays active in Texas
Located at 3130 Heritage Trail, Resia Rayzor Ranch is near Interstate 35, close to the interchange with U.S. Route 380. The Texas Health Presbyterian Hospital in Denton and University of North Texas are within 1.5 miles south. Downtown Dallas is some 41 miles away, while Fort Worth is 35 miles southwest.
Completed in the second quarter of 2024, the community comprises two seven-story buildings across a 3-acre site. The residences have one- to three-bedroom floorplans ranging from 612 to 1,041 square feet. Shared amenities include a swimming pool, pickleball court, fitness center and grade-level parking area with almost 300 spaces.
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Resia owns one other multifamily property in Texas, namely Resia Ten Oaks in Houston. Additionally, the company has one community under construction in Fort Worth, Texas and two more others in the planning stage throughout the state.
The multifamily lending market is beginning to show signs of improvement, after high interest rates and limited capital availability challenged the sector for a few years, KeyBank Real Estate Capital Senior Vice President Samantha Miller said for Multi-Housing News. Moreover, traditional banks that previously retreated in 2023, alongside agencies and private lenders, have returned with renewed confidence and competitive loan pricing.
