July 2, 2020
Hunt Real Estate Capital provided three Fannie Mae conventional multifamily loans totaling $25.4 million to refinance a portfolio of multifamily communities in the Dallas, Texas area. The borrower was Tim Gillean, president of Cross Equities, a longtime repeat Hunt client.
“This successful portfolio refinance was the latest in a long string of successful transactions with this Dallas-based borrower,” said Steven Cox, senior managing director.
Built in 1959, Spanish Villas is a 148-unit, garden-style multifamily community located in Grand Prairie. Spanish Rose, which has 76 units and was built in 1961, and Spanish Ridge, which has 372 units and was built in 1969, are both in Dallas.
Substantial improvements to all three apartment communities have been made in recent years. With the properties up-to-date and performing well, the objective of this transaction was to put in place cost effective permanent debt and provide cash-out proceeds to pursue additional multifamily opportunities.
For comments, questions or concerns, please contact Paul Bubny