Bethesda, Md.-based Walker & Dunlop has structured $81.8 million in bridge financing for the acquisition and repositioning of two Garland, Tex., garden-style multifamily properties. The Walker & Dunlop team, led by managing director Alex Inman, secured two bridge loans from a regional bank on behalf of the owner, Madera Residential. This financing will enable the owner to reposition both communities.
The properties, Landmark at Lake Village North and Landmark at Lake Village East, are undergoing substantial renovation. Each is targeting residents seeking an address close to Bayside, a $1 billion master-planned, resort-style development.
Situated along the Lake Ray Hubbard shoreline, Bayside will eventually offer upscale restaurants, retail, beachfront recreational activities, office space and the Lone Star State’s first Crystal Lagoon, an eight-acre man-made pool with clear turquoise water.
“The site was somewhat scattered in nature, so we had to educate the lender on how the operator would manage the asset upon takeover,” Inman told MHN. “A local Dallas presence was a must because it allowed us to fully understand the site’s complexities and eloquently explain those complexities to the lenders.”
Both built in 1983, the properties are benefiting from a comprehensive renovation effort resulting in upgrades to unit interiors, improvements to exteriors and enhanced resident offerings. By improving curb appeal and interiors, Madera Residential’s use of the loan proceeds will substantially enhance the overall portfolio value.
The 848-unit Landmark at Lake Village North apartment community is situated near the confluence of I-635 and I-30, and close to President George Bush Turnpike. The 321-unit Landmark at Lake Village East is situated on a Lake Ray Hubbard peninsula.
Amenities that are common to both properties include multiple swimming pools, basketball courts, sand volleyball courts, tennis courts, dog parks, playground, clubhouse with coffee lounge, 24-hour fitness center and picnic and barbecue areas.
Both apartment communities will be convenient to future submarket employment hubs, among them the redevelopment of Big Town Mall into a new FedEx outpost. Both also offer convenient access to Downtown and Uptown Dallas, and the Firewheel, CityLine and Rockwall neighborhoods.
“Madera Residential is a highly-skilled multifamily owner in the Dallas area and we are certain their improvements will increase value for both the owner and residents,” Inman said. “We are pleased to be part of an exciting project in a growing area of Texas.”
Added Alton Smith of Madera Residential, “Alex and his team were able to present several different financing options from various lending sources, allowing us to choose the best fit for our business plan.”