DALLAS-Berkeley Point Capital secured acquisition financing for the 120-unit Maple Gardens. Working on behalf of buyers Baron Properties of Greenwood, CO and its partner American National Insurance Co., Berkely Point arranged for $12.5 million in financing under Fannie Mae's DUS program.
Specifically, the loan for the complex at 5219 Maple Ave. offers a 10-year deal term with two years of interst only at a fixed rate of 4.33% and a 30-year amortization. The project was completed in 2011 and, according to the Dallas Central Appraisal District, the seller was Maple Gardens LP of Dallas.
The venture is part of Baron Properties' strategy to own assets in the major multifamily markets of Texas, where the firm has an existing industrial portfolio it operates under the name Mountain West Industrial Properties. Baron Properties recently acquired AMLI Towne Square Apartments and the Cheval Apartments in Houston, TX, and currently has extensive multifamily operations in Colorado and Arizona.
Maple Gardens is the fifteenth multifamily transaction between Baron Properties and Berkeley Point. Ed Belz, Managing Director, led the Berkeley Point team to structure the financing arrangement with Fannie Mae. Berkeley Point was able to arrange financing which included maximum loan proceeds and a two year interest-only period, while rate locking the deal rapidly, 15 business days following application.
Maple Gardens offers one- and two-bedroom units measuring from 726 square feet to 1,108 square feet. Rent is between $1,019 and $1,469 per month.
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