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Mansfield, Texas (June 29, 2018) – Berkadia has arranged $32.908 million in acquisition financing for Advenir at Mansfield, a 334-unit garden-style apartment community located in the Dallas-Fort Worth metro area. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia South Florida, along with Senior Managing Director Bob Falese and Senior Director Matt Cullison of Berkadia’s Philadelphia office, arranged the loan on behalf of American Landmark, one of the largest multifamily owner-operators in the Southeast.
Freddie Mac originated the 10-year, fixed rate Green Loan with five years interest only, at a 70 percent loan-to-value.
“Our ability to move quickly with Freddie Mac to index lock in early April allowed us to deliver a favorable rate to the customer for an end-of-June closing,” said Cullison. “Delivering a 4.16 percent all-in rate to the client provided an excellent dynamic in a market where strong labor numbers and economic growth will drive consistent demand.”
Built in 2010, Advenir at Mansfield is located at 370 North State Highway 360 in Mansfield, Tex. One-, two- and three-bedroom units include walk-in closets, washer/dryer, and balcony/patio. Community amenities include billiard room, business center with Wi-Fi, pet park, poolside bar with grill station, resort style pool, grill area, and tot lot.
The property is located near important transit routes and employment hubs, including Texas 360 and East Broad Street which are less than five minutes away. Mansfield Sports Complex and Vernon Newsom Stadium are also less than five minutes away, and Methodist Mansfield Medical Center is less than 10 minutes away.