Dallas Community Lands $15M Refi
- Aug 11, 2016
The firm provided the bridge financing to enable the acquisition and rehabilitation of Magnolia Creek for the borrower. The borrower is sponsored by Iliad Realty Group who was represented by Sal Torre of Estreich & Co. out of New York. The new loan terms include an 84-month term (7/6 ARM) and 30-year amortization period.
Located at 7272 Marvin D. Love Fwy, Magnolia Creek features one-, two- and three-bedroom floorplans. Amenities include controlled access, fitness center, swimming pool, laundry facilities and 400 parking spaces. According to Yardi Matrix, monthly rents at the property built in 1988 range between $610 and $950.
“Prior to acquisition, the previous owner invested $1.3 million in capital improvements. The borrower added to this $1.1 million of capital funds to make additional repairs, including landscaping, security upgrades, foundation repairs, other exterior repairs, and the repainting and renovation of 60 units,” Bryan Cullen, managing director at Hunt Mortgage Group, said in prepared remarks. “Property performance has improved under the new ownership with occupancy growing from 80 percent to 90 percent. We were pleased to place this loan for a quality return client.”
Image courtesy of Yardi Matrix