ATLANTA and DALLAS – January 15, 2021 – Berkadia today announced the sale of and financing secured for Plum Meadow, a 270-unit garden-style multifamily property in Dallas, Texas. Managing Director Thomas Burns along with Managing Director Jay Gunn and Senior Director William Jarnagin, all of Berkadia’s Dallas office, completed the sale on behalf of the New York-based seller, an affiliate of Iliad Realty Group. The buyer was EB Real Estate Group, also based in New York, and the deal closed on December 15, 2020.
Senior Director Josh Finley of Berkadia’s Atlanta office secured the acquisition financing through Freddie Mac on behalf of the buyer. The 10-year loan features three years of interest-only payments and a 30-year amortization schedule.
“We were happy to work with EB Real Estate Group for a third transaction and felt the process was smooth and uneventful,” said Burns. “Kuddos to Josh Finley of Berkadia Mortgage for providing the debt.”
“EB Real Estate Group again continues their expansion in the Dallas-Fort Worth market with a total of over 1,600 units now under their ownership with the closing of Plum Meadow,” said Finley.
“Building upon an established financing relationship with Berkadia, EB was able to secure long-term, floating-rate debt with competitive terms, and thus aid in the success of their investment objectives. The acquisition of Plum Meadow will further showcase EB’s ability to increase the performance of an asset, exceed their investors’ expectations, all while dealing with the complexities of navigating COVID-19.”
Located at 6910 S Cockrell Hill Road, Plum Meadow features one- and two-bedroom floor plans with large closets and patios or balconies. Community amenities include a swimming pool, laundry facilities and a courtyard. Residents are afforded convenient access to the shops and restaurants along E Camp Wisdom Road, the Southwest Center Mall and Interstate 20.
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