DFW Community Lands $9M Fannie Mae Refi

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