CBRE Provides $25M Refinancing for 264-Unit Fort Worth Community
- May 30, 2016
Dallas—CBRE Group recently announced through its FHA lending platform the $25.1 million refinance of a 264-unit multifamily community located in Fort Worth, Texas. The loan was funded through HUD’s Section 223(f), providing a 35-year, fully-amortizing, fixed rate and non-recourse loan structure. Chad Ricks, senior vice president, originated the financing of Westpoint at Scenic Vista.
Located at 1200 Scenic Vista Drive, Westpoint at Scenic Vista features 132 one-bedroom units and 132 two-bedroom units constructed in 2008. Community amenities include controlled access, a business center, clubhouse, swimming pool and 610 parking spaces. According to Yardi Matrix, unit sizes range between 1,017 square feet and 1,332 square feet and monthly rents range between $925 and $1,205.
“Chad Ricks and CBRE did a great job in closing our HUD refinance. It is a complicated loan process and Chad and the CBRE team were very knowledgeable and responsive from our first contact to the loan’s closing. This 35-year fixed rate loan will add long term stability to our family’s multifamily asset,” Robert Corry of Westpointe Apartments LLC, said in prepared remarks.
Image courtesy of Yardi Matrix