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Texas  + Dallas-Fort Worth  + Apartments  | 
Bellwether Arranges $56M loan for McKinney rental community

Bellwether Arranges $56M Acquisition Loan for McKinney Rental Community

Bellwether Enterprise Real Estate Capital (BWE) closed on a $56,000,000 loan to finance the acquisition of Jefferson Terrace, an apartment community in McKinney. Completed in September 2021, Jefferson Terrace houses 354 units in a mix of one-, two- and three-bedroom apartments. The property was stabilized with 97% occupancy at closing. 

BWE’s Tom Kenny originated the loan on behalf of the borrower, a partnership led by Buchanan Street Partners. The acquisition is one of several that Buchanan Street Partners have completed in the Dallas area in recent years. 

“As a repeat borrower, we were able to move quickly and lock the rate on an insurance company lender term sheet, which proved valuable as rates popped up shortly thereafter,” said Kenny. The loan includes a 10-year term and interest-only payments. The rate, which was locked at application, is fixed at 4.96%. The loan is non-recourse with carve outs to the the borrowing entity. 

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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