Hunt Mortgage Procures $22M for 2 Dallas Communities
- Mar 20, 2017
Dallas—Hunt Mortgage Group recently announced that it has provided a $21.5 million loan to finance the acquisition and renovation of two multifamily properties located in Dallas. The borrower is Iliad Realty Group, backed by key principal Elliot Aronson.
The properties are North Park Terrace, a 309-unit garden-style community and Pecan Tree Apartments, a 174-unit community. North Park Terrace features two- and three-story buildings offering studio, one- and two-bedroom units. Located at 8662 Park Lane, the property comprises 41 buildings, including 35 apartment buildings featuring amenities such as a swimming pool, two laundry facilities, a clubhouse, a dog park, a conference room, a sauna and two picnic areas. The community was 95 percent occupied as of February, according to Yardi Matrix.
Located at 3001 Kendale Drive, Pecan Tree is comprised of six, two-story buildings featuring studio, one- and two-bedroom units. Community amenities include three laundry facilities, on-site rental office and a total of 200 parking spaces.
The borrower plans a $3.2 million renovation project which will include exterior improvements such as the parking lot, stairwells, roof, fencing, paint and other items. At North Park Terrace, approximately 134 units will be renovated. Iliad Realty has acquired and successfully repositioned 22 apartment communities totaling over 6,500 units in Texas. The Sponsor specializes in value-add acquisitions of properties of similar vintage to the subject.
Images courtesy of Yardi Matrix