DFW Market-Rate Community Lands Refi

SevenSeas Holdings II closed a $6.8 million loan for the refinancing of Avanti on Central in Bedford, Texas. Dougherty Mortgage and Old Capital Lending negotiated the Fannie Mae loan on behalf of the borrower.

Avanti on Central in Bedford, Texas
Avanti on Central in Bedford, Texas

Working on behalf of SevenSeas Holdings II, Dougherty Mortgage secured a $6.8 million loan for the refinancing of Avanti on Central, a 137-unit community in Bedford, Texas. The mortgage banking firm arranged the 12-year Fannie Mae loan through a partnership between its Minneapolis and Vienna, Va., offices and Old Capital Lending. The refinancing has a 30-year amortization schedule.

The 13-building property, located at 805 Central Drive, consists of studios and one- to three-bedroom apartments ranging from 540 to 1,403 square feet. Rents at Avanti on Central start at $762 and go up to $1,348 as of November, when the community was fully occupied. The property features a fitness center, clubhouse, playground, swimming pool and more than 250 parking spaces.

The property is situated a few miles from multiple restaurants and schools, including China Town Restaurant, Bell Manor Elementary School and Bellaire Elementary School. According to Yardi Matrix data, SevenSeas Holdings II acquired the asset in 2015 from Strategic Property Investment.

Earlier this month, Dougherty also secured the acquisition loan for Spanish Chase, a 77-unit Irving market-rate community.

Image courtesy of Yardi Matrix