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Nova-Secured Loan Aids Weatherford Property Purchase
Nova Capital has secured a combined $55.85 million in financing on behalf of Darwin German Real Estate for the acquisition of The Mark at Weatherford Apartments, a 355-unit Class A multifamily property in Weatherford, 20 miles west of Fort Worth. Built in 2021, The Mark at Weatherford is 94% occupied and is situated on an 11.50-acre parcel adjacent to Weatherford College.
The financing, arranged by Nova Capital’s Steven Yazdani, comprises a $37.85 million Fannie Mae senior loan from Walker & Dunlop and $18 million in preferred equity from Tryperion Holdings.
“Despite the headlines, appetite from capital providers for high-quality multifamily product remains strong, especially in high-growth markets such as Dallas-Fort Worth,” says Yazdani. ”The DFW metroplex is leading the nation in job growth with 650,000 new jobs added in 2023.
Darwin German notes that “The Mark at Weatherford is well-positioned to benefit from rising renter demand as a result of this exponential growth.”
- ◦Sale/Acquisition
