Hunt Real Estate Capital announced that it provided a first mortgage bridge loan in the amount of $35 million to finance the acquisition and renovation of a multifamily property located in Dallas, Texas.
The sponsor is a joint-venture between Beverly Hills-based Concord Real Estate and New York-based Sun Equity Partners. Loan proceeds were used to finance the acquisition of the property and fund both interior and exterior capital improvements.
Park Ninety Six 90 is a 506-unit garden-style multifamily community located approximately 16 miles northeast of the Dallas Central Business District. The property is situated on a 19-acre site and features 66, two‐story buildings, and one, three-story building for a total of 411,751 square feet. Park Ninety Six 90’s unit mix is comprised of 44 studio apartments, 303 one-bedroom units, 151 two‐bedroom apartments and eight, three-bedroom units.
“This deal was unusual in that we needed to deliver firm committee approval in less than three weeks due to the borrower’s tight timeline imposed by the seller,” commented Ted Nasca, Managing Director at Hunt Real Estate Capital. “Once we received approval, we were then in a position to fund within four weeks of receiving the signed application.”
With this acquisition, Concord Capital Partners now owns more than 2,000 units in the Dallas metroplex. The Company employs more than 70 people with a vertically integrated platform that strategically invests in value-add and development opportunities across all asset classes, throughout the United States. Concord’s current portfolio is valued in excess of $1 billion.
Project amenities include three swimming pools, a clubhouse with a resident lounge, leasing office, fitness center, gated access, laundry facilities, playgrounds, dog parks, and grilling and picnic areas. The property also features an after‐school program.
“Park Ninety Six 90 was renovated between 2014‐2018, with just over $3.5 million spent on interior upgrades to 168 units, and updates to various amenities such as the swimming pools, fitness facility, and more,” added Nasca. “Future renovations including the upgrade of the interiors of 338 units, and a variety of exterior upgrades is planned. We were pleased to partner with this repeat Hunt Real Estate Capital client on this quality value-add property and happy it came together so well despite the timing issues that needed to be accommodated.”