Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae loan to enable local Sponsor Provident Realty Advisors to acquire a multifamily property located in Irving, Texas.
Hyde Park at Valley Ranch (previously known as Broadstone Valley Ranch) is a 524-unit, garden apartment complex that was built in 1985-1987. The property is approximately 18 miles northwest of the Dallas CBD and less than nine miles northeast of DFW International Airport within the desirable Valley Ranch submarket of the Dallas-Fort Worth-Arlington MSA.
The loan featured a 12-year term, 11.5-years yield maintenance, 30-year amortization, and five-years interest only.
"The Hyde Park at Valley Ranch acquisition was closed utilizing Fannie Mae's 'Green Rewards' program which allowed Hunt Mortgage Group to fund the Sponsor's planned energy- and water utility-saving improvements and achieve much lower interest rate pricing," explained Colin Cross, Director in the Dallas office at Hunt Mortgage Group.
Property operations have been strong and improving over the previous 12 months with physical occupancy at 95%.
"The Sponsor is a premier commercial real estate and multifamily investor and a repeat Hunt Mortgage Group and Fannie Mae borrower," added Cross. "As with most acquisitions these days the financing timing was tight, but thanks to the efforts of the sponsor's great acquisitions team we were able to go from application to closing in just five weeks. We are thrilled to be partnering again with such a renowned Dallas-based firm like Provident and look forward to growing our relationship in the coming years."
Hyde Park at Valley Ranch is comprised of 28, two- and three-story buildings with a leasing/amenity center and free standing fitness center. The property offers 304 one-bedroom units and 220 two-bedroom apartments. Property amenities include four laundry rooms, three resort-style pools with aqua islands, and a tennis and basketball court. Several common areas were recently upgraded including the clubhouse, leasing center, fitness center and pool. The property also offers 923 surface parking spaces and 103 carport spaces.
Presented by Hunt Mortgage Group