DALLAS (March 17, 2021) – Berkadia announces it has arranged $55.1 million in financing for the acquisition of Residences at Northgate, a 320-unit multifamily community in Irving, Texas and Arbor Creek, a 280-unit multifamily community in Lewisville, Texas. Senior Managing Director Mitch Sinberg of Berkadia’s Boca Raton office and Managing Director Brad Williamson of Berkadia’s Miami office secured the financing on behalf of Eagle Property Capital (“EPC”), a real estate investment firm based in Miami.
Berkadia originated and Freddie Mac purchased a $28.4 million loan for Residences at Northgate and a $26.798 million loan for Arbor Creek. Both properties were financed with 10-year, floating rate loans with 5 years IO.
“Demonstrating recent year-over-year growth in household formation and a rise in the metro area’s population, Dallas continues to maintain its status as a highly suitable investment market within the competitive Sunbelt region,” said Sinberg. “After evaluating these fundamentals and anticipating a rebounding labor market, value-add investors can expect increased demand to come up throughout the metro area and provide consistent returns to any portfolio.”
Williamson added, “Eagle Property Capital’s exemplary track record and operating capabilities have made them an exceptional partner to provide strategic financing, and has positioned them to enhance every community they invest in. Each deal underscores our proven track record with them and creates a new opportunity for improvement, ensuring a seamless entry into any market.”
“Berkadia and the Team led by Mitch Sinberg have been instrumental in Eagle Property Capital’s growth for the past seven years. They consistently provide invaluable strategic advice and impeccable execution,” said Gerardo Mahuad from EPC. “We are excited to expand our portfolio in Dallas which is one of our preferred markets due to its superb fundamentals.”
Residences at Northgate was built in 1983 and is located at 4310 W Northgate Drive. Arbor Creek was built in 1984 and is located at 396 E Southwest Pkwy. Each apartment complex boasts a number of community amenities such as washer/dryer, patios/backyard balconies, fitness centers, picnic areas with grills, a dog park, garage parking and Wi-Fi in common areas.
Both apartment communities are conveniently situated northwest of Downtown Dallas, which offers easy access to multiple employers, transit routes, entertainment venues and schools. DFW International Airport – one of the busiest airports in the world – is only 10 minutes away, with the Gaylord Texan Resort and a nearby Amazon Fulfillment Center about 20 minutes away. President George Bush turnpike is less than five minutes away, offering direct access into Downtown Dallas and the greater metro area.