Privately-owned real estate investment, development and finance company Bolour Associates Inc.’s affiliate, BAI Fund Manager (BOLOUR) has provided financing for the acquisition of the 112-unit affordable housing community Solaire Apartments in Dallas, Texas.
BOLOUR’s quick close allowed the borrower to acquire the asset by an end-of-year deadline while maintaining flexibility to secure permanent Housing and Urban Development (HUD) financing post-close. John Choi of Concord Summit Capital represented the borrower.
“Speed and certainty of execution are at the core of our debt platform,” said BOLOUR CEO Mark Bolour. “We closed this loan in just three weeks, allowing our borrower to quickly acquire this asset and move forward with their long-term business plan to support the community’s affordable housing needs.”
Solaire Apartments was built in 1989 and features one- to three-bedroom apartments ranging from 663 to 1,059 square feet. It is situated north of Interstate 20, east of Spur 480 and west of Highway 67, approximately 15 miles southwest of downtown Dallas.
BOLOUR leverages over 30 years of equity-side experience in all asset classes when assessing loans. The company recently rolled its debt platform into a fund structure, allowing for greater speed in closing and greater flexibility in the size and rates charged, as well as increased diversification for investors.
BOLOUR is an integrated real estate finance, investment and development firm that invests in value-add assets in emerging and transit-oriented neighborhoods. Property types include urban infill land, retail, industrial, multifamily and mixed-use. As a lender, BOLOUR provides borrowers with individually designed debt solutions that often feature creative loan structures and quick closings. The company is currently active in 17 states and the District of Columbia.
