March 20, 2017
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Iliad Realty Group obtained a first-mortgage bridge loan to finance the acquisition and renovation of two Dallas, TX multifamily properties. The loan was structured with an initial funding of $18.2 million, and future fundings totaling $3.2 million. Hunt Mortgage Group arranged the 24-month floating-rate loan, which offers three one-year extension options.
The properties are:
- The 309-unit North Park Terrace at 8662 Park Lane. The asset delivered in 1973, with a mix of studios, one and two-bedroom units. North Park is 76% occupied.
- The 174-unit Pecan Tree Apartments at 3001 Kendale Dr. Pecan Tree came online in 1970, and has one-bedroom efficiency units, as well as one and two-bedroom apartments. The property is 95% occupied.
The borrower is planning an extensive capital improvement investment of more than $3.2 million.
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