DALLAS—Multifamily properties continue to generate widespread appeal due to the demand for housing as employment centers hum on all cylinders here. In a recent example, $20.5 million in financing was obtained for The Georgian, a 288-unit multifamily property.
Meridian Capital Group arranged the 15-year fixed-rate Freddie Mac loan, provided by Capital One Multifamily Finance. The loan was negotiated by Meridian managing director, Seth Grossman, and vice president, Sarah Kuebler, who are both based in the company's Carlsbad, CA office.
“The sponsor is a family office that was looking to secure a long-term loan with a very competitive fixed-interest rate,” said Grossman. “Meridian presented multiple financing options with competitive fixed-rate terms of seven to 20 years, and the sponsor ultimately determined that the 15-year agency loan would work best for their business plan.”
The Georgian, located at 18880 March Ln., is a three-story multifamily property. The building contains one- and two-bedroom apartments in five different layouts, each with sizeable living areas.
Kitchens come fully equipped with built-in microwaves, dishwashers and garbage disposals. Select apartments have stainless steel appliances. Spacious living and dining rooms are linked together and lead out to a large patio or balcony. There is generous closet space throughout, within the bathroom's linen closet, the bedrooms' walk-in closets, the kitchen's pantry and the outdoor patio storage area. Various features may include white cabinetry, stainless steel appliances, recessed bookshelves, a fireplace, and a stacked washer and dryer in select units, GlobeSt.com learns.
Located 25 minutes north of downtown, The Georgian is close to the city's amenities and attractions, and in close proximity to the Addison Airport, the Dallas Fort Worth International Airport and Dallas Love Field Airport. The property is minutes away from The Shops at Willow Bend, home to national brands such as Apple and H&M, the Galleria Dallas, a popular lifestyle destination which is home to more than 200 stores and an ice skating rink. In addition, residents can also enjoy an array of restaurants, bars and recreational areas, including Bert Fields Park with 60 acres of trees and trails, the White Rock Creek Park, the golf course at the Northwood Club and the Fretz Recreation Center. Other nearby attractions include Barnes & Noble, Cinemark Movies 10, Tony's Pizza and Pasta, the Fadis Mediterranean Grill and Dickey's Barbecue Pit.
Founded in 1991, Meridian Capital Group is a commercial real estate finance and investment sales firm. In 2016, Meridian closed $35 billion in loan volume and sold more than $2 billion in commercial properties.
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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.
