Greysteel Arranges Sale, Acquisition Loan for Texas Multifamily Community
- May 05, 2016
Dallas—Greysteel has arranged the sale of a 59-unit multifamily community located in Garland, Texas. Casa Del Mar I LLC acquired the Casa Del Mar property from a private local investor. Managing Director Boyan Radic and Senior Director Doug Banerjee negotiated the transaction on behalf of the seller.
Greysteel also arranged acquisition financing for the buyer. The seven year, non-recourse loan, provided by an agency lender under the Freddie Mac Small Balance Loan program, features a fixed interest rate and one year of interest-only payments followed by a 30-year amortization schedule. The team responsible of negotiating the terms of the financing was formed by Senior Director Anton Mattli and Finance Associate John Marshall Doss.
Located at 3810 W. Walnut St., Casa Del Mar features one- and two-bedroom floorplans with unit sizes ranging between 800 and 850 square feet. According to Yardi Matrix, the property is 93.2 percent occupied and rents range between $698 and $800. The community offers laundry facilities, as well as 118 parking spaces for residents.
“The out-of-state purchasing group was in a 1031 exchange and should be able to realize significant cash-on-cash returns in Year 1 with the financing arranged and in place net operating income at Casa Del Mar,” Banerjee said in prepared remarks. “There is also still upside in being able to push the rental revenue further with additional unit upgrades.”
Image courtesy of Yardi Matrix