DFW Community Lands $9M Fannie Mae Refi

Dougherty Mortgage arranged the 10-year loan with a 30-year amortization schedule for Villa Creek in Farmers Branch, Texas.
Villa Creek in Farmers Branch, Texas

Villa Creek in Farmers Branch, Texas

Dougherty Mortgage, on behalf of DCP 2835 Villa Creek Drive LLC, recently closed an $8.7 million Fannie Mae loan for the refinance of Villa Creek. The 161-unit, market-rate community is located at 2835 Villa Creek Drive in Farmers Branch, Texas. The 10-year loan has a 30-year amortization schedule and was arranged through a partnership with Old Capital Lending and Dougherty’s Minneapolis and Vienna, Va., offices.

The 15-building community offers one-, two- and three-bedroom apartments. Sizes range from 654 to 1,287 square feet and rents start at a monthly $704 and go as high as $1,292, as of March. The property features a swimming pool, a spa, laundry facilities and 230 parking spots. According to Yardi Matrix data, Darwin German Real Estate Investments acquired the property last March from Magna Development for $7.4 million. At the time of the transaction, the new owner signed a $5.5 million loan with LegacyTexas Bank. The asset was 97.5 percent occupied as of March.

Last month, Dougherty Mortgage also secured a $7.4 million Fannie Mae loan for the acquisition of Villa France in Irving, Texas.

Image courtesy of Yardi Matrix