Berkadia Lands $37M for TX Asset
The borrower, American Landmark Apartments, will invest in capital improvements, including upgrades to unit interiors and amenity packages.
After closing a $327 million financing for Brookdale Senior Living, Berkadia has arranged financing for the acquisition of Emery Bay at Lakepointe, a 360-unit community in Lewisville, Texas. Fannie Mae provided a $36.6 million 10-year, fixed-rate loan with full-term, interest-only through its Green Reward program. Berkadia worked on behalf of the borrower, American Landmark Apartments.
Located on approximately 19.4 acres, at 901 Lakeside Circle, the property offers convenient access to downtown Dallas, situated roughly 23 miles south. The garden-style community features a mix of one-, two- and three-bedroom units ranging from 675 to 1,254 square feet.
Built in 1997, the 12 three-story buildings offer common-area amenities such as:
- fitness center
- business center
- tennis court
- basketball court
- two swimming pools
- laundry facilities
- cyber cafe
- bark park
American Landmark plans to invest $3.5 million for capital improvements which will include upgrades to unit interiors and amenity enhancements. According to data provider Yardi Matrix, Emery Bay at Lakepointe had an average rental rate of $1,188 and was 94.2 percent occupied as of November.
Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s South Florida office, together with Senior Managing Director Robert Falese and Managing Director Matthew Cullison of Berkadia’s Philadelphia office were part of the team that represented the borrower.
Image courtesy of Yardi Matrix