Northwestern Mutual Finances North Dallas Property
The company provided nearly $23 million for the Class A community.
After three years of ownership, GID has secured a new loan for Windsor West Lemmon, its 248-unit Dallas community. Northwestern Mutual provided the 10-year, $22.8 million financing package for the Class A property, according to Dallas County records.
GID acquired the 2017-built property directly from the developer, Lennar Multifamily Communities. The latter financed the construction through a $23.2 million mortgage originated by Comerica Bank, Yardi Matrix data shows.
The two-building, four-story Windsor West Lemmon stretches across more than 4 acres at 3650 Cedar Plaza Lane, encompassing studios along with one- and two-bedroom units, with floorplans ranging from 545 to 1,331 square feet.
The property has a cybercafe equipped with a coffee lounge, a swimming pool with a sundeck, an outdoor kitchen outfitted with grilling stations and a fitness center. The community also includes a 1-acre pet park as well as a park available to all residents.
With the Dallas North Tollway less than half a mile away, the community is easily accessible, located some 4 miles southeast from downtown Dallas. Windsor West Lemmon is within walking distance of several shopping and dining options and less than 3 miles from UT Southwestern Medical Center.
Solid multifamily activity
In September, Electra America landed $70 million in refinancing for its 706-unit community in Bedford, Texas, also in the Metroplex. Meanwhile, Pensam Capital sold two Suburban Dallas communities totaling 788 units.
GID is also busy, with more than 8,000 units underway or in the planning stages across the U.S. Last week, the company secured construction financing for the first phase of its $2 billion mixed-use project in Atlanta. At full buildout, the development is set to include 3,000 apartments.