DALLAS—Continued interest in multifamily properties, both from an investor and lender perspective, spurs capital markets activity in class-A assets and those surrounded by class-A multifamily communities. Within the latter, a 60s-vintage apartment property recently received funding.
The Trails Apartments, located at 4335 Cedar Springs Rd., was built in 1966 and totals 20 units. The property is located along the high-traffic thoroughfare of Cedar Springs Road in the Oaklawn neighborhood.
Bridge financing was recently obtained for the refinance of the multifamily property on behalf of 4335 Cedar Springs LLC. The 12-month interest-only line of credit, provided by a local lender, features a floating-rate of 325 basis points over the 30-day Libor rate, according to Greysteel, a national commercial real estate investment services firm, which arranged the undisclosed amount of financing. This transaction was negotiated by Greysteel senior director, Anton Mattli, and finance associate, John Marshall Doss, who are based in the company's Dallas and Fort Worth offices, respectively.
“The property is located along the high-traffic thoroughfare of Cedar Springs Road in the rapidly gentrifying and high rental growth neighborhood of Oaklawn,” Doss tells GlobeSt.com. “The property is surrounded by numerous class-A multifamily communities and is only a few blocks from the retail district at the junction of Oaklawn Avenue and Cedar Springs Road.”
The multifamily community features a pool area, gated parking and townhome-style units with private patios.
“The owner purchased the property with the intention of completing extensive interior and exterior renovations,” said Doss. “We were able to secure a 12-month interest-only line of credit in order to complete renovations and increase rents to market levels.”
Greysteel advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
DALLAS—Continued interest in multifamily properties, both from an investor and lender perspective, spurs capital markets activity in class-A assets and those surrounded by class-A multifamily communities. Within the latter, a 60s-vintage apartment property recently received funding.
The Trails Apartments, located at 4335 Cedar Springs Rd., was built in 1966 and totals 20 units. The property is located along the high-traffic thoroughfare of Cedar Springs Road in the Oaklawn neighborhood.
Bridge financing was recently obtained for the refinance of the multifamily property on behalf of 4335 Cedar Springs LLC. The 12-month interest-only line of credit, provided by a local lender, features a floating-rate of 325 basis points over the 30-day Libor rate, according to Greysteel, a national commercial real estate investment services firm, which arranged the undisclosed amount of financing. This transaction was negotiated by Greysteel senior director, Anton Mattli, and finance associate, John Marshall Doss, who are based in the company's Dallas and Fort Worth offices, respectively.
“The property is located along the high-traffic thoroughfare of Cedar Springs Road in the rapidly gentrifying and high rental growth neighborhood of Oaklawn,” Doss tells GlobeSt.com. “The property is surrounded by numerous class-A multifamily communities and is only a few blocks from the retail district at the junction of Oaklawn Avenue and Cedar Springs Road.”
The multifamily community features a pool area, gated parking and townhome-style units with private patios.
“The owner purchased the property with the intention of completing extensive interior and exterior renovations,” said Doss. “We were able to secure a 12-month interest-only line of credit in order to complete renovations and increase rents to market levels.”
Greysteel advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
