Hunt Mortgage Group has provided a $6.4 million Fannie Mae DUS loan to refinance Park Beverly, a 144-unit apartment community in Dallas, The owner, Cresta Properties, had previously taken a $2.6 million acquisition loan in November 2014, when it purchased the asset from Houstate Investments, according to Yardi Matrix. The refinancing package includes a seven-year term with one year of interest-only payments, 30-year amortization period and five-year yield maintenance period.
Located at 5827 Blackwell St. in Dallas’ West Vickery Park submarket, the community’s eight two-story buildings are positioned near the North Central Expressway, enabling direct access to the city’s central business district, six miles to the south. The Dallas Area Rapid Transit system operates two bus lines through the area. The Greenville Avenue retail corridor is in the immediate area, with the 1.9 million-square-foot NorthPark Center shopping mall minutes away, offering a wealth of retail options to residents.
Updated units and amenities
The property, built in 1963, includes a mix of studio, one- and two-bedroom units, ranging in size from 400 to 950 square feet. On-site amenities include laundry facilities, a barbecue area and 132 resident parking spaces. The owner began renovation work on the community in 2014, updating the landscape, unit interiors and parking areas.
“The borrower is … a seasoned commercial real estate and multifamily investor that is working on another transaction with us at the same time,” said Ted Nasca, managing director at Hunt Mortgage Group, in a prepared statement. “(The owner) acquired the property in late 2014 and executed a $2.6 million renovation campaign, significantly re-tenanting Park Beverly and achieving post-renovation stabilization in September 2017.”
Image courtesy of Yardi Matrix