Acquisition Financing Arranged for Class B Complex

Provident Realty Advisors of Dallas obtained a Fannie Mae loan to help pay for the purchase of the 524-unit Broadstone at Valley Ranch in Irving, TX. Hunt Mortgage Group provided the “Green Rewards” loan, which helped arrange for a lower interest rate pricing. The actual loan amount was undisclosed, and it offered a 12-year term, 11.5-years yield maintenance, 30-year amortization and five years of interest only.

Broadstone at Valley Ranch, renamed Hyde Park at Valley Ranch, was sold by Alliance Residential in Phoenix. The sales price was not released, with the property valued at $18.3 million. Built in the mid-1980s at 10201 N. MacArthur Blvd., the asset’s occupancy was 95%.

Hyde Park at Valley Ranch consists of 28 two-and three-story buildings, offering one-and two-bedroom units. On-site amenities include three resort-style pools, tennis and basketball courts, and four laundry rooms.

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