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Texas  + Dallas-Fort Worth  + Apartments  | 
Chesapeake Apartments in Dallas Need $14 million bridge loan to buy/revamp

Investor Group Borrows $14 Million for Dallas Multifamily Community Buy/Rehab

A mix of three investment groups joined forces to acquire the Chesapeake Apartments, a 127-unit garden-style rental community. It was done with the help of a loan originated by NewPoint’s Vincent Langan, “It was a team effort along with my colleagues in our Bridge Lending group. The value-add bridge loan enabled the borrower to acquire the property and provide the necessary capital for a clear and consistent renovation of all of the units.” The complex was built in 1982.

Located at 11620 Audelia Road in Dallas, it’s near the telecom corridor, UT Dallas and a number of shopping centers.

The loan is interest-only and features a floating-rate with an initial two-year term and three one-year extension options. NewPoint targets loan sized of $10 million to $100 million with terms up to five years.


Inside The Story

Vincent Langan

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.

  • ◦Sale/Acquisition
  • ◦Financing