Affordable Dallas Property Lands Refi
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The 240-unit community, constructed between 1968 and 1976, includes 202 income-restricted apartments. The owner purchased the property in late 2016.
Hunt Mortgage Group has provided a $12 million Fannie Mae loan to refinance Cornerstone Apartments, a 240-unit partially affordable community in Dallas. The new loan includes a 12-year term and amortizes based on a 30-year schedule. Yield maintenance applies during the first 11.5 years.
The owner, James Graham Jr., purchased the property in November 2016. The refinancing package will retire an $8.5 million acquisition loan held by Great Southern Bank, according to Yardi Matrix. Churchill Capital Co. served as the mortgage banker for the loan.
The community’s 16 garden-style buildings are located at 2606 Community Drive, 9709 and 9720 Starlight Road in Dallas’ Bachman Lake/West Northwest Highway submarket. Constructed between 1968 and 1976, the property is a four-minute walk from Bachman Station, served by two light rail lines.
The property contains studio, one- and two-bedroom apartments, ranging in size from 450 to 1,033 square feet. Of the 240 units, 202 are rent- and income-restricted. Community amenities include an outdoor swimming pool, four laundry facilities and a playground.
“Mr. Graham initiated a significant capital improvement program, investing more than $2 million to upgrade the property while also maintaining its affordability to residents,” said Duke Stone, president & co-founder of Churchill Capital, in prepared remarks. “Improvements included replacing the formerly flat roofs with pitched asphalt-shingle roofs, upgrading the HVAC equipment and flooring and other interior and exterior upgrades.”
In February, Hunt Mortgage provided acquisition financing for two affordable communities in Upstate New York.
Image courtesy of Yardi Matrix