AUSTIN, Texas – August 1, 2018 – Berkadia today announced the $94.2 million in combined financing for Avana Stonebriar, Avana McKinney Ranch and Avana Point, three multifamily garden-style properties located in the Dallas-Fort Worth, Texas area. Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia’s Austin, Texas office secured the financings through Freddie Mac for the acquisition of the properties.
For Avana McKinney Ranch, the team secured $35.19 million in financing for Blue Atlantic McKinney Ranch, LP.
Berkadia secured a seven-year $30.01 million loan for Avana Point on behalf of Blue Atlantic Point, LP.
Avana Stonebriar received $29 million in financing for the borrower, Blue Atlantic Stonebriar, LP.
“We were pleased to work with Atlantic Pacific Companies and Freddie Mac to structure acquisition financings for these three assets under Freddie’s Green Up Program and close within 32 days of signing the loan applications,” said Hill. “In addition to investing in energy conservation improvements, the borrower plans to complete significant capital improvements at all of the properties to elevate their positions within their respective markets.”
Avana McKinney Ranch is located in McKinney, Texas and features 343 units of one, two- and three-bedroom floor plans, as well as attached and detached garages or carports. Residents also have access to a clubhouse, a business center, a pool and spa, a cyber café and an outdoor cabana with a grill. Within 30 days of closing, the property will be renamed The Atlantic McKinney Ranch.
Avana Point is located in Fort Worth, Texas, and the property features 324 units of one-, two- and three-bedroom floor plans. Residents can also enjoy a clubhouse, a fitness facility, a pool and spa, a sand volleyball court and covered parking. The owner plans to rename the property.
Located in The Colony, Texas, Avana Stonebriar features 294 units of one-, two- and three-bedroom floor plans. The property features a clubhouse, a pool, a fitness room and a playground. Within 30 days of closing, the property will be renamed The Atlantic Stonebriar.