Armstrong at Knox Gets $48M to Facilitate Acquisition

A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has closed on a $47.9 million mortgage loan to facilitate Madera Residential’s acquisition of Armstrong at Knox, a multifamily community in Dallas. The floating rate loan has an initial term of four years, which can extend up to one additional year and features future funding to finance Madera’s business plan.

Located at 4525 Cole Ave. in the Knox Street neighborhood of Dallas, the class-A 165-unit community offers a mix of one- and two-bedroom apartments.

“Armstrong at Knox is a high-quality luxury residential community in a prime location, which we believe will continue to generate strong renter demand due to its differentiated tenant amenities, strong local demographics and nearby redevelopment projects,” said Charles Kim, managing director for CBRE Investment Management. “This investment was an attractive opportunity to lend on a high-quality asset for an established operator and a repeat borrower in Madera Residential.”

Jon Wooton, Mike Bryant and Victoria Langston of CBRE’s debt and structured finance group arranged the loan on behalf of Madera.