FORT WORTH-Lincoln Property Co. has obtained a $32.75 million mortgage for The Berkeley, a 406-unit, class A apartment property here. The complex, located in the Berkeley neighborhood, is owned by the Dallas-based developer and a multifamily development fund operated by Sarofim Realty Advisors.
The 35-year, fixed-rate FHA 223(f) loan was funded through Metropolitan Funding Corp., a MAP (multifamily accelerated processing) lender. The proceeds will be used to retire the existing construction loan and to recapitalize the property, which was completed in 2008.
The assumable, non-recourse financing was arranged by Jody Thornton, an executive managing director in HFF's Dallas office, and John Ahmed, associate director also in HFF's Dallas office.
Situated on 17 acres at 2001 Park Hill Dr. , The Berkeley is located close to downtown, the hospital district and Texas Christian University. It was built on the former site of Park Ridge Apartments, an apartment complex that was built in the 1970s and popular with TCU students.
The Berkeley offers a mix of one, two and three-bedroom units ranging from 671 square feet to 1,459 square feet. Rents range from $878 to $1,906 per month.
Apartment units feature crown molding, black appliances, faux wood flooring, Berber carpet and 2" wood blinds. Community amenities include a clubhouse, fitness center, pool and spa, and conference room.
The Berkeley is just one of several apartment communities across the nation that has received FHA mortgages recently. Compared to Fannie Mae or Freddie Mac, FHA loans offer higher loan proceeds and debt coverage. Additionally, they are usually priced more competitively, experts note, along with 35-year amortization.
Along with The Berkeley, Lincoln Property owns or manages more than 130,000 apartment units across the country. The company ranks as the fifth largest residential property manager in the U.S.
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