Funding to the tune of $18.5 million was recently secured for Mercer Park Apartments, allowing EB Real Estate Group to continue its expansion in the DFW market with more than 1,300 units under ownership.
ARLINGTON, TX—Multifamily asset financing continues to be competitive. In fact, funding to the tune of $18.5 million was recently secured for Mercer Park Apartments, a garden-style multifamily property. The 12-year Freddie Mac targeted affordable housing low income housing tax credit loan features a 30-year amortization with four years interest-only payments.
Director Josh Finley of Berkadia’s Atlanta office secured the permanent acquisition financing on behalf of Texas-based Mercer Park Apartments EB LP.
“With the acquisition of Mercer Park, EB Real Estate Group continues their expansion in the Dallas-Fort Worth market with a total of over 1,300 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, and thus aid the success of their investment objectives. The acquisition of Mercer Park will further showcase EB’s ability to increase the performance of an asset, while exceeding their investors’ expectations. Berkadia’s relationship with Freddie Mac’s TAH LIHTC program allowed for the speedy delivery of a full commitment within 42 days of application signing.”
Located at 2014 Remington Dr., Mercer Park Apartments features one- and two-bedroom floorplans with private patios or balconies. Community amenities include a swimming pool, a playground, laundry facilities, an outdoor grilling area, a clubhouse and assigned parking. Residents have access to Interstates 303 and 360, Hugh Smith Recreation Center and Wiregrass Commons Mall.
There are several lending trends that Finley anticipates for the Dallas metro as the calendar flips over to 2020.
“The Dallas/Fort Worth market continues to attract investors due to the numerous value-add deals still available,” Finley tells GlobeSt.com. “Paired with continued low interest rates and aggressive credit parameters from the GSE’s to focus on mission-driven business, I would anticipate financing for multifamily assets to continue to be competitive to the ultimate benefit of the buyer/borrower.”
The DFW metro’s proposed construction pipeline includes approximately 83 communities and 37,423 units, according to Apartmentdata.com.