Even JV Deals are Bigger in Texas
- Jun 04, 2015
Dallas-Fort Worth—A joint venture between Balfour Beatty Communities, Block Multifamily Group and Herbert Management Corp. has grabbed 1,598 units in the Dallas-Fort Worth Metro from McDowell Properties.
Balfour Beatty will handle property management efforts, while Block Multifamily Group will tackle asset management services. You should expect to see value-add improvements at all assets.
Properties acquired include:
- Madison at Round Grove (404 units) — 201 E. Round Grove, Lewisville, Texas
- Madison on the Parkway (376 units) — 19002 Dallas Parkway, Dallas, Texas
- Wimberly Apartments (372 units) — 4141 Horizon North Parkway, Dallas, Texas
- Wimbledon Oaks (248 units) — 1802 Wimbledon Oaks Lane, Arlington, Texas
- Villas of Josey Ranch (198 units) — 2050 Keller Springs Road, Carrollton, Texas
NorthMarq adds acquisition and construction dollars to EB-5 project
Los Angeles—Robert R. Hervey, executive vice president/senior managing director of NorthMarq Capital’s Los Angeles based regional office, negotiated $33.8 million in acquisition/construction financing for Palm Springs Andaz, a 150-unit multifamily property to be located at Palm Canyon Drive and Alejo Road in Palm Springs, Calif.
The transaction, involving strong cash equity from the sponsors and EB-5 funds, was structured with a three-year interest only term and 25-year amortization during extension options. NorthMarq arranged financing for the borrower through its relationship with Midfirst Bank. Hyatt Andaz is the flag.
“To bring this transaction together, the borrower developed a strong relationship with the city of Palm Springs,” explained Hervey. “They began the process during the recession which generated interest in financing the gap with EB-5 using a qualified regional center. The lender, who is very knowledgeable in high quality boutique hotels, completed the picture. This terrific lender took the time to understand the structure and was patient while the EB-5 vetting process was completed.”