Acquisition Lending of $144M Goes to Aura Bluffview, Alexan Avondale

A $144.2 million loan was recently originated to finance the acquisitions of Aura Bluffview, a four-story 473-unit multifamily asset located in the Love Field submarket of Dallas, and Alexan Avondale, a four-story 270-unit multifamily asset with 7,000 square feet of retail space in the North Druid Hills submarket of Decatur, GA. The loan was provided to Nicholas SunTx RE Partners, a Dallas-based real estate investment firm focused on multifamily assets in emerging Sunbelt markets, and Prizma Capital, an Israel-based boutique real estate investment firm that owns more than 4,800 U.S. apartment units.

Square Mile Capital Management LLC originated the loan. The financing was arranged by Jon Hyduke from Walker & Dunlop’s Dallas office.

“This transaction represented an opportunity to provide acquisition financing to Nicholas SunTx RE Partners and Prizma Capital, on two brand-new well-amenitized class-A multifamily buildings that were completed during the pandemic and both leased up to stabilization due to strong underlying fundamentals,” says Tom Burns, Square Mile Capital principal. “The tremendous economic growth in Dallas and Atlanta will allow the sponsor to achieve stronger rents over the coming years too.”

Alexan Avondale has studios, one- and two-bedroom units. Aura Bluffview has a mix of studios, one-, two- and three-bedroom units.