BETHESDA, MD – Berkeley Point recently closed the acquisition financing of Maple Gardens, a Class A, 120-unit apartment community located in Dallas, TX. The financing was structured under the Fannie Mae DUS program as a ten-year deal term with two years interest-only at a fixed rate of 4.33 % and thirty -year amortization schedule. Newly constructed in 2011, the property includes three four-story, mid-rise buildings.
The acquisition is a joint venture between Jeff Riggs and Scott Fisher of Baron Properties, and the American National Insurance company (ANICO). The venture is part of Baron Properties’ strategy to foray into the major multifamily markets of Texas, where the firm has an existing industrial portfolio. Baron Properties recently acquired AMLI Towne Square Apartments and The Cheval Apartments in Houston, TX, and currently has extensive multifamily operations in Colorado and Arizona.
Maple Gardens is the fifteenth multifamily transaction between Baron Properties and Berkeley Point. Ed Belz, Managing Director, led the Berkeley Point team to structure the financing arrangement with Fannie Mae. Berkeley Point was able to arrange financing which included maximum loan proceeds and a two year interest-only period, while rate locking the deal rapidly, 15 business days following application.
“As always, I so appreciate Ed, he’s a pro, and the whole Berkeley team,” said Scott Fisher, Principal, Baron Properties.
The recently constructed, Class A asset includes high end unit finishes and is in close proximity to downtown, Dallas and within walking distance to the city’s high profile Medical District that includes world-renowned UT Southwestern Medical School and Center. The property is located close to major arteries and offers its residents superb visibility and access. The neighborhood is experiencing substantial redevelopment and expansion with over $1.2B being invested in the nearby Parkland Memorial Hospital. The area has also seen major economic growth from the construction of the DART light rail system and the modernization and expansion of nearby Love Field Airport.