Berkadia Completes Sale and Financing of Multifamily Property in Dallas

ATLANTA and DALLAS – February 15, 2019 – Berkadia today announced the sale and financing of Estrella at Kiest Apartments, a 232-unit garden-style multifamily property in Dallas. Managing Directors Jay Gunn and Tom Burns, along with Senior Directors Taylor Hill, Michael Ware and William Jarnagin, all of Berkadia’s Dallas office, completed the sale of the property on behalf of the seller, Dallas-based Lurin Capital, and the buyer, New York-based EB Real Estate Group.

“The seller did an outstanding job repositioning the property over the course of the last two or three years through extensive renovations and capital improvements,” said Gunn. “This, in turn, enabled a clear path for the buyer to continue to add value to the asset.”

Director Josh Finley of Berkadia’s Atlanta office secured the acquisition financing through Fannie Mae for EB Real Estate Group. The 10-year permanent loan features a 4.6 percent interest rate, a 75 percent loan-to-value ratio (to include three percent in closing costs), five years of interest only payments and a 30-year amortization schedule. The deal closed on February 13.

“With the acquisition of Estrella, EB Real Estate Group continues their expansion in the Dallas-Fort Worth market with a total of over 1,200 units now under their ownership,” said Finley. “Building upon an established financing relationship with Berkadia, EB was able to secure long term, fixed rate debt with aggressive terms, thus aiding in their abilities to be successful in their investment objectives. The acquisition of Estrella will showcase EB’s ability to increase performance of an asset while exceeding their investors’ expectations.”

Located at 4542 W. Kiest Blvd., Estrella at Kiest Apartments features one-, two- and three-bedroom floor plans with newly updated unit interiors including kitchen appliances, cabinets, countertops, flooring and light fixtures. The pet-friendly community also features a new leasing office, a kids club room, an overhauled laundry center and several spacious green areas. The property affords convenient access to several of Dallas’ popular attractions, including The Bishop Arts District, Trinity Groves and Downtown.