HOUSTON and DALLAS – February 19, 2019 – Berkadia today announced the sale and financing of a 399-unit garden-style multifamily property in Fort Worth, Texas. Managing Directors Jay Gunn and Tom Burns, along with Senior Directors Taylor Hill, Michael Ware and William Jarnagin, all of Berkadia’s Dallas office, completed the sale on behalf of the seller Atlanta-based Cortland. The buyer was Houston-based Hilltop Residential.
“This was a unique community with value-add potential, and as such, we experienced higher-than-normal levels of interest and tour activity,” said Gunn. “We continue to see strong investor demand flow to the Fort Worth side of the metroplex.”
Director Nicholas Murphy of Berkadia’s Houston office secured acquisition financing through Wells Fargo for Hilltop Residential. The three-year interest-only loan features a floating rate and a 65 percent loan-to-value ratio. The deal closed on February 5.
“Berkadia identified a capital partner who shared the same vision as the borrower and had a lending program that aligned with the borrower’s business plan,” said Murphy. “The lender agreed to finance 100 percent of the capital improvement plan and close in a short time frame, creating a perfect financing vehicle to facilitate the transaction.”