Far North Dallas 420-Unit Community Lands Refi
- Nov 01, 2017
Lantower Residential secured financing for The Cortona, a 420-unit community in Fairview, Texas. Allianz Real Estate of America provided the 10-year, fixed-rate loan for the refinancing of existing debt. HFF Director De’On Collins negotiated the financing on behalf of the borrower.
The community, located at 325 Murray Farm Road, comprises 304 garden-style apartments and 116 urban-style units. The property features one-, two- and three-bedroom floor plans ranging from 700 to 1,348 square feet. Common amenities include a fitness center, business center, clubhouse, swimming pool and 840 parking spaces.
The 12-building multifamily asset is situated less than two miles from U.S. Route 75 and right next to the Fairview Town Center and the Village at Allen shopping centers. The Cortona also offers convenient access to multiple schools, including Marion Elementary School, Sloan Creek Intermediate School and Oak Brook School.
The financing comes a few months after Meridian Capital Group negotiated the acquisition loan for the neighboring Sorrel Fairview, a 267-unit Fairview market-rate community.
Image courtesy of Yardi Matrix