Electra America Secures $70M Refi

The company has owned the 706-unit Dallas-Fort Worth community since late 2019.
Canopy on Central

Electra America has secured a $70 million refinancing package for Canopy on Central, a 706-unit community in Bedford, Texas, according to Tarrant County records. Grandbridge Real Estate Capital provided the 10-year Freddie Mac loan.

The new mortgage retires a nearly $67 million acquisition loan originated by Truist Bank in 2019, according to Yardi Matrix data. Electra America had purchased the Class B asset from Starwood Capital Group.

Located at 2700 Central Drive, Canopy on Central features one- and two-bedroom apartments with floorplans averaging 724 square feet. The 1982-built community encompasses 66 buildings stretching across 33 acres of landscaped grounds.

The pet-friendly community includes a fitness and cardio center, five swimming pools outfitted with sundecks, a clubhouse and a business center, as well as a laundry facility.

The property is within walking distance of the Central Drive retail corridor, less than a mile away from the Bedford Trails Linear Park, with easy access to Texas State Highway 121. Dallas/Fort Worth International Airport is roughly 10 miles northeast, while downtown Dallas is 23 miles away.

Recently, also in the Dallas-Fort Worth market, Investcorp acquired two properties totaling 788 units in Irving, Texas. And earlier this month, Tides Equities continued its expansion across the metroplex with the acquisition of four properties totaling 1,228 units. The company closed on the properties within less than a month.