FORT WORTH-Daymark Realty Advisors Inc., owner of the 273-unit Enclave on Golden Triangle obtained a $22.49 million loan through the Fort Worth Housing and Urban Development (HUD) Multifamily Center's 223(f) program. The 35-year, fixed-rate loan is being used to cover existing debt for the five-year-old multifamily property.
"The borrower had a quickly approaching maturity date, which allowed Berkadia to use a proprietary bridge loan to the borrower's advantage, allowing for permanent takeout," says Berkadia Commercial Mortgage LLC senior vice president Steve Mentesana. Mentesana and Berkadia senior vice president John Koeijmans worked with the Santa Ana, CA-based borrower on the loan for the multifamily property at 5001 Golden Triangle Blvd.
The loan has a loan-to-value ratio of 83.3% with a 35-year amortization. Mentesana tells GlobeSt.com, through email, that the borrower acquired Enclave in 2008 and the multifamily property is 96% occupied. "This is a great property that has a beautiful setting, great amenities, strong management and a booming submarket location in north Fort Worth," he adds.
ACQUISITIONS/DISPOSITIONS
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