By Razvan Cimpean
Working on behalf of Legacy REI Group, a partnership between Dougherty Mortgage and Old Capital Lending secured the acquisition loan for Sierra Point, a 212-unit community in Irving, Texas. The 12-year term Fannie Mae loan has a 30-year amortization schedule.
Located at 3800 Portland St., the 25-building community consists of 63 one-, 109 two- and 40 three-bedroom units ranging from 651 to 1,206 square feet. According to Yardi Matrix data, rents at Sierra Point start at $695 and go up to $1,219 as of January, when the multifamily property was about 95 percent occupied. Community amenities include a business center, clubhouse, laundry facilities, two swimming pools and 350 parking spaces.
MacDonald Realty Group purchased the asset in 2011 from PWT Properties out of a bankruptcy action.
Earlier this year, Dougherty also secured the refinance loan for Residences at 1700, a 115-unit Minneapolis-area multifamily property.
Image courtesy of Yardi Matrix