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.
- ◦Sale/Acquisition
- ◦Financing
