Dallas—Dougherty Mortgage LLC has announced the closing of an $11.7 million Fannie Mae loan for the acquisition of The Estara Apartments, a 216-unit multifamily property located in Dallas. The seven-year term loan has a 30-year amortization schedule and was arranged through a partnership with Old Capital Lending and Dougherty’s Minneapolis and Vienna, Va., offices for borrower Ascendant RE 1 LLC.
The two-story community is located at 11321 Woodmeadow Pkwy, offering access to Interstate 635, Northwest Highway and to many shopping, dining and entertainment options, including Dallas Athletic Club, Firewheel Town Center, Cinemark Movie Theater, Town East Mall, Market East, Walmart and Whiterock Marketplace Shopping Center. The Estara Apartments features one-, two- and three-bedroom units with open and spacious living areas, fully-equipped kitchens and fireplaces.
According to Yardi Matrix, community amenities include laundry facilities, a swimming pool and outdoor kitchen area with barbeque grills and a fitness center. Additionally, residents have access to free bicycle rentals, a shared organic vegetable garden, a playground for kids, on-site dog park and an outdoor life-size chess/checkers set.
Dougherty Mortgage also closed a $3.3 million Fannie Mae loan for Balcones Lofts, an 84-unit affordable housing in Balcones Heights, Texas, earlier this month.
Image courtesy of Yardi Matrix