DALLAS — March 31, 2022 — Berkadia announced today the sale of and financing secured for Ladera, a 500-unit garden-style multifamily property located in Dallas, Texas. Senior Managing Director Paul Harris, Managing Director Gregory Smith and Senior Directors Thad Wetterau and Eric Calub of Berkadia Dallas completed the sale on behalf of the seller, Texas-based WillMax Capital. The buyer was California-based Tides Equities, and the deal closed on January 25.
Managing Director Chris Pollard, also of Berkadia Dallas, secured $94.14 million in acquisition financing on behalf of the buyer. The three-year bridge loan financed through Starwood Property Trust features a 3.15 percent interest rate and a 30-year amortization schedule.
“This transaction came together at year end when the capital markets were incredibly busy and lenders had very little capacity,” said Pollard. “Starwood Property Trust came through with a great execution and were an invaluable partner in closing this transaction. The asset will be a great addition to Tides’ existing portfolio across the Dallas-Fort Worth area, and we look forward to watching Tides transform the property and take it to the next level.”
Located at 3901 Accent Drive, Ladera features one-, two- and three-bedroom floor plans with air conditioning and private patios and balconies. Community amenities include a swimming pool, a fitness center, a clubhouse, a business center and a parking garage. The property affords convenient access to Bent Tree Country Club and the shops and restaurants near Midway Road and East Trinity Mills Road.
Berkadia Completes Sale and Secures $94.1M Financing for Multifamily Prop. in Dallas | Connect Media
Tides Equities Lines Up $94.14Mln Loan for Dallas Apartment Buy | CRE Direct