July 6, 2020
NKF arranged the Freddie Mac refinancing of Sedona Apartments in Abilene. Terms of the transaction weren’t disclosed.
The effort was led by Braden Harmon and Hank Glasgow of the firm’s Dallas office on behalf of the owner/operator and repeat Freddie Mac client, CapX Ventures LLC, which owns some 7,000 units across Texas.
“This was an extremely smooth transaction with Freddie Mac and CapX,” said Glasgow. “Closing in just 40 days allowed the borrower and long-term holder to access funds intended for property upgrades and completing interior renovations for remaining units.”
Sedona is a 498-unit, garden-style multifamily property, originally constructed as two separate communities, the first built in 1974 and the second in 1976. CapX purchased the distressed multifamily asset in 2016 with 68% occupancy in the first full month of ownership. Since that time, CapX renovated the property and increased current occupancy to 94%.
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