DFW-Area Community Lands $37M Refi
IPA arranged the five-year Fannie Mae loan.
A private owner has obtained $37 million in refinancing for Dane Park, a 392-unit luxury multifamily property in Grapevine, Texas. IPA Capital Markets, a division of Marcus & Millichap, arranged the five-year, interest-only Fannie Mae loan originated by M&T Realty Capital Corp.
Previous financing includes a February 2021 undisclosed loan from Wells Fargo Bank, Yardi Matrix information shows, that funded the asset acquisition.
The 1999-completed community encompasses 25 two-story buildings spread across 34 acres. Units consist of one- and two-bedroom floorplans, ranging from 750 to 1,163 square feet. Select layouts also feature private balconies or patios.
Common-area amenities comprise an entertainment lounge, fitness center, swimming pool, indoor basketball court, coworking center and resident lounge. Additionally, there are about 700 parking space and a barbecue area.
Located at 2701 Grapevine Mills Blvd. N., Dane Park is close to the Grapevine Mills shopping center and several dining options. Dallas Fort Worth International Airport is 4 miles away, while downtown Dallas is within 23 miles southeast.
The IPA Capital Markets team included Executive Managing Director Brian Eisendrath and Senior Managing Director Cameron Chalfant. Last year, the duo secured a $62.5 million loan for MG Properties’ acquisition of NOVO Broadway, a 324-unit community in Tempe, Ariz.
