ATLANTA – January 7, 2020 – Berkadia announced today the $18.5 million in financing secured for Mercer Park Apartments, a garden-style multifamily property in Arlington, Texas. Director Josh Finley of Berkadia’s Atlanta office secured the permanent acquisition financing on behalf of Texas-based Mercer Park Apartments EB LP, and the deal closed on December 16.
The 12-year Freddie Mac TAH LIHTC loan features a 30-year amortization with four years interest only payments.
“With the acquisition of Mercer Park, EB Real Estate Group continues their expansion in the Dallas-Fort Worth market with a total of over 1,300 units now under their ownership,” said Finley.
“Building upon an established financing relationship with Berkadia, EB was able to secure long-term, fixed-rate debt with aggressive terms, and thus aid the success of their investment objectives. The acquisition of Mercer Park will further showcase EB’s ability to increase the performance of an asset, while exceeding their investors’ expectations. Berkadia’s fantastic relationship with Freddie Mac’s TAH LIHTC program allowed for the speedy delivery of a full-commitment within 42 days of application signing.”
Located at 2014 Remington Drive, Mercer Park Apartments features one- and two-bedroom floor plans with central air and private patios or balconies. Community amenities include a swimming pool, a playground, laundry facilities, an outdoor grilling area, a clubhouse and assigned parking. Residents are afforded convenient access to Interstates 303 and 360, Hugh Smith Recreation Center and Wiregrass Commons Mall.