Newly Built Prairie Gate Refis with Mortgage Insurance Reduction
A $45 million HUD 223(f) cash-out refinance was recently closed for Prairie Gate Community, a 264-unit garden-style apartment complex built in 2019 in Grand Prairie. The borrower was Grand Prairie-based Aerofirma.
Because Prairie Gate Community qualifies as green/energy-efficient housing, the loan benefited from a green mortgage insurance premium reduction set at 25 basis points. Dwight Capital’s Josh Sasouness originated the loan transaction which has a term of 35 years.
The apartment complex’s occupancy rate is 99 percent. Prairie Gate Community consists of eight three-story residential buildings, a clubhouse/leasing office and 15 garage buildings situated on 14.5 acres. The community’s amenities feature a walking trail, dog park, fitness center, game room, media center, playground, swimming pool and pool house with cabanas.
The location at 3951 Dechman Dr. provides access to Interstate 20 and the PGB Turnpike. Nearby retail and entertainment options include The Epic, Grand Prairie Outlets, Rangers Stadium and the local farmer’s market.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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