By Razvan Cimpean
Dougherty Mortgage has secured $5.1 million in acquisition financing for Wynnewood Gardens, a 106-unit Dallas community formerly owned by PrivCap Cos.
The Fannie Mae loan features a 12-year term and a 30-year amortization schedule and was closed in a partnership with Old Capital Lending. The two companies have recently worked together to secure another loan, for Toscana Apartments, a market-rate Bedford community.
Located at 2311 Anzio Drive, the 22-building multifamily property completed in 1947 encompasses two-bedroom apartments. Community amenities include a business center, clubhouse, swimming pool and more than 100 parking spaces. The asset was nearly 91 percent occupied at the time of the sale.
Wynnewood Gardens is situated less than one mile from Interstate 35E and near several public transportation, dining and shopping options, including Wingstop, Cicis and Wynnewood Village. The community also offers convenient access to schools such as Pinnacle Preparatory School, Margaret B. Henderson Elementary School and Harrell Budd Elementary School.
Image courtesy of Yardi Matrix