Cedar Ridge Townhomes is a 124-unit property located at 2082 Knoll Crest Dr. that was built in 1980.
ARLINGTON, TX—Hunt Real Estate Capital recently provided a Fannie Mae DUS conventional loan in the amount of $12 million to finance the acquisition of a multifamily property. Cedar Ridge Townhomes is a 124-unit property that is located at 2082 Knoll Crest Dr.
The property was built in 1980 and is comprised of 31 two-story buildings situated on a 7.8-acre parcel. The loan features a 12-year term with two years of interest only.
"The borrowers are new Hunt Real Estate Capital clients, but they have extensive real estate experience," said Josh Messier, senior managing director at Hunt Real Estate Capital. "Their current portfolio consists of 447 units across seven properties in the Dallas-Fort Worth market, and together they own one other multifamily property in Arlington."
The property is being funded under Fannie Mae's Green Rewards program, and the borrower will implement energy efficiency upgrades, unit upgrades and exterior repairs upon acquisition.
"Cedar Ridge Apartments is a well-situated quality asset in Arlington close to major shopping centers, sports and entertainment venues, and major thoroughfares. As part of Fannie Mae's Green Rewards execution, Hunt was able to finance most of the borrower's capital improvement plans," adds Messier.
Amenities include a swimming pool, children's playground, barbecue grills, picnic area, playground and a dog park. Onsite parking is provided for each townhome.
"The sponsor is planning to implement an extensive capital improvement program including unit and amenity upgrades that will enhance the community living experience for working families in Arlington," Messier tells GlobeSt.com.
Arlington is approximately 15 miles west of Dallas and 10 miles east of Fort Worth. Dallas/Fort Worth will continue to lead the nation in completions this year, adding nearly 25,000 units to inventory, notching a cyclical high. Despite the influx of supply, Dallas/Fort Worth's vacancy rate will substantially tighten this year, encouraging owners to further adjust rents to meet evolving market conditions, according to a report by Marcus & Millichap.
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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.
