“This is a unique property that provides a tranquil setting with views of Indian Creek Golf Course while at the same time offers easy commuter access to the nearby Frankford DART light rail station,” Wernick tells GlobeSt.com. “Being located across from the Frankford DART Light Rail Station contributed to our ability to utilized green pricing for this newly developed property.”

CARROLLTON, TX—If there is any doubt that the DFW multifamily market has velocity, the fact that a permanent loan was put in place just as a property completed the construction process and before occupancy stabilized should provide some insight into the strong demand in the market. This property, The Flats at Frankford Station, is a class-A 185-unit mid-rise apartment building in this northern suburb of Dallas.

Walker & Dunlop Inc. recently arranged a $18.45 million loan for the multifamily property. Led by managing director, Stuart Wernick, and loan officer, Matt Newton, the company's team placed the debt with Fannie Mae on behalf of Frankfurt Properties LLC. The 10-year loan was structured with five years of interest-only payments and a fixed rate at less than 4%. The property qualified for a green building certification, which allowed Walker & Dunlop's team to leverage discounted pricing, maximize loan proceeds and achieve an accelerated closing time for the borrower. The refinance includes a cash-out component, which will be used to pay off the construction loan.

“Frankfurt Properties has been building quality apartment communities in great locations for decades. Although this property had just completed its construction process, we were comfortable proceeding with a new permanent loan before occupancy stabilized due to the strong demand in the market,” Wernick commented. “This was evident by the leasing, which reached over 90% in less than six months from receiving its first certificate of occupancy. By the time we funded the loan, the property was 100% occupied.”

Located on 4.73 acres of land, The Flats at Frankford Station was completed in 2016 and consists of a four-story building with an enclosed courtyard where the amenities are located. The property features a putting green, pet spa and pool with a gazebo, and outdoor kitchen. With lake and golf course views, the asset is situated across from Indian Creek Golf Course and also across the street from the DART Light Rail Station.

“This is a unique property that provides a tranquil setting with views of Indian Creek Golf Course while at the same time offers easy commuter access to the nearby Frankford DART light rail station,” Wernick tells GlobeSt.com. “Being located across from the Frankford DART Light Rail Station contributed to our ability to utilized green pricing for this newly developed property.”