Suburban Dallas Community Receives Supplemental Loan

Dougherty Mortgage secured a $3 million loan for the 134-unit Landen in Irving, Texas, which complements the existing acquisition financing.
Landen
Landen

Legacy Rei Group has received a $3 million supplemental loan for the 134-unit Landen in Irving, Texas, according to Dallas County records. A partnership between Dougherty Mortgage and Old Capital Lending arranged the Fannie Mae financing. The property is already subject to a $7.4 million CMBS, Fannie Mae-issued loan taken out at the time Legacy Rei Group purchased the asset in April 2017, per Yardi Matrix data. Both loans have a 30-year amortization schedule and are set to mature in 2029.

Located at 1831 W. Pioneer Drive, the nine two-story buildings feature a mix of one-, two- and three-bedroom apartments. The asset is 5 miles south of Highway 183, less than 10 miles of the Dallas/Fort Worth Airport and 15 miles of downtown Dallas. The dense residential area where Landen is situated provides access to several restaurants and retail options. Community amenities include two pools, a playground and an outdoor kitchen with grill. According to Yardi Matrix, the property was 94 percent occupied as of January.     

Late last year, Maravilla Apartments acquired a 310-unit community with financial help from Dougherty Mortgage. The company arranged a $17.8 million Fannie Mae loan through a partnership with the same loan provider. 

Image courtesy of Yardi Matrix