Electra Capital Provides Over $40 Million for Dallas-Area Financings

With the acquisition of value-add properties in fashion, particularly in the Sunbelt, Electra Capital has found a niche providing short-term financing for renovations. Seven of the properties are in Dallas, all in the last 90 days.

Electra’s Sam Greenblatt says there is a demand for loans to revamp rental communities, “Despite the volatility in the capital markets, multifamily fundamentals remain strong in several Sunbelt cities. We are particularly optimistic about the in-migration and job growth trends…which will support sustainable demand and rent growth for the foreseeable future.”

Electra Capital recently secured $21.45 million in preferred equity and a $18.6 million mezzanine loan on two separate portfolios totaling seven properties in Dallas. The projects added up to 1,888 units. The sponsor’s business plan for both portfolios included making improvements to the common areas, as well as upgrading individual units, including adding in-unit washers and driers.