Berkeley Point Capital has arranged $20.5 million in financing on behalf of Exponential Property Group, for the renovation of the 288-unit Broadway Apartments in Garland, Texas. Braden Harmon and Hank Glasgow were part of the team that facilitated the deal. Bedrock Capital secured the short-term bridge loan that will provide exit flexibility once a rehabilitation is complete.
Located at 5118 Broadway Blvd., the property is near interstates 30 and 635, approximately 14 miles from downtown Dallas. The area is surrounded by many dining and shopping options and close to Broadway at Menlo Park and DART bus stop. Constructed in 1982, Broadway Apartments comprises one- and two-bedroom units, averaging 818 square feet. The apartments feature dishwashers, private balconies, dry bars, wood vinyl flooring, polished nickel fixtures and washer and dryer connections. Amenities include:
- fitness center
- covered parking
- two swimming pools
- jogging trail
- storage space
- 24-hour emergency maintenance
Exponential Property Group plans to upgrade the property’s interior and exterior, including the common-area amenities and landscaping. The company owns a total of six properties in the Dallas area, including North Creek and Forest Cove, two communities that contain 814 units combined.
Image courtesy of Yardi Matrix