$22M in Bridge Financing Obtained for Multifamily Buy

Newmark, with help from Greystone, arranged bridge financing to the tune of $22 million for the acquisition of Hunter’s Cove Apartments in Waxahachie, TX, 30 miles south of Dallas. Financing for the 192-unit property consisted of a two-year, floating-rate term, with 12 months of interest-only.

Andy Bratt and Spencer Seibring with Newmark arranged the 80% loan-to-purchase financing with Greystone. Newmark is also working with Greystone’s HUD group on HUD 233(f) permanent financing, which is expected to close by the end of 2018. Newmark indicated that the sponsor entered into a 1031 Exchange with the loan request for maximum proceeds and term.

Hunter’s Cove is a Class A property at 1250 W. Hwy. 287 Bypass, with a mix of one, two and three-bedroom units. Amenities include a fitness and business center, two-level resort-style swimming pool, dog park and play-scape area and monthly social gatherings. The property was 95% occupied at close.

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