Berkadia announces it has arranged the financing of a three-property portfolio totaling 840 units in Dallas, Texas: Mustang Villas Apartments, Prestonwood Apartment Homes and Bella Vista. Managing Director Brad Williamson of Berkadia Miami, along with Senior Managing Director Mitch Sinberg and Managing Director Matt Robbins, assisted by Senior Analyst Abigail Beauchamp of Berkadia Boca Raton, secured the financing on behalf of Eagle Property Capital, a private equity real estate firm based in Miami, Florida.
For the 246-unit Mustang Villas and 194-unit Prestonwood, Wells Fargo provided a four-year loan, with a one-year extension option, with a 70 percent loan-to-value ratio. Fannie Mae provided the 10-year, fixed-rate loan with eight years of interest-only and a 65 percent of loan-to-value ratio for Bella Vista, which has 400 units.
“Based on Eagle Property’s track record, Berkadia was able to obtain the most attractive debt terms in the marketplace,” said Williamson.
Built in 1974 and located in the Grapevine submarket, Mustang Villas Apartments consists of 246 units offering one-, two- and three-bedroom apartments ranging from 530 square feet to 1,310 square feet. Amenities include a business center, community room, barbeque and picnic area, playground and sports court. The apartment homes are conveniently located just five minutes away from Dallas-Fort Worth International Airport, and near other prominent employment, educational, and retail destinations, including Grapevine Mills Mall and Historic Downtown Grapevine, to name a few.
Built in 1979 and located in the Richardson submarket, Prestonwood Apartment Homes consists of 194 units offering one- and two-bedroom apartments ranging between 788 square feet and 1,222 square feet. This Class B value-add multifamily complex has a wide range of amenities, including a swimming pool, sauna, storage space, laundry, business center, barbeque and picnic area, fitness center and playground. Situated northwest of Dallas, Prestonwood Apartment Homes is located few minutes away from Medical City Dallas Hospital and Texas Health Presbyterian Hospital, and just 24 minutes from downtown Dallas which offers access to top employers including Fossil Co., State Farm, Blue Cross & Blue Shield of Texas and more.
Bella Vista, another Class B value-add multifamily apartment complex, built just a few years later in 1981, is located in the Carrollton submarket of Dallas. It consists of 400 units offering one- and two-bedroom apartments ranging from 600 square feet to 1,189 square feet. Much like Prestonwood, amenities include a swimming pool, sports court, storage space, laundry, barbeque and picnic area and fitness center. Bella Vista has an unparalleled location within the Dallas North Platinum Corridor, one of DFW’s most dynamic employment nodes, offering access to top tech employers in the area and DFW Airport and Downtown in less than 25 minutes.
All three properties are located in the suburbs north of Dallas, providing easy access to Downtown Dallas and Fort-Worth for various employment and education opportunities. Together, the properties add up to 880 apartments, resulting in significant economies of scale.
