Dallas Community Lands $14M Refi
- Jun 21, 2017
Dougherty Mortgage LLC has secured a $14 million Fannie Mae loan for the refinance of El Sol Del Lago, a 318-unit Dallas multifamily property. Dougherty’s Minneapolis and Vienna, Va., offices arranged the loan through a partnership with Old Capital Lending for El Sol Del Lago LLC. The 12-year term loan has a 30-year amortization schedule.
Located at 3102 Oradell Lane, El Sol Del Lago is within walking distance of various shopping and dining options, including Mariscos La Marea, Thrift Giant and Carnival Store. The asset also offers easy access to bus stations and Northway Highway. The 27-building community features studios, one- and two-bedroom apartments ranging in size from 300 to 968 square feet. Amenities include a clubhouse, two swimming pools, four laundry facilities and 650 parking spaces. According to Yardi Matrix data, rents at El Sol Del Lago start at a monthly $550 and go as high as $845 as of May, when the property was 95.3 percent occupied.
Image courtesy of Yardi Matrix