Dallas-based Quantum First Capital has closed an $8.5 million permanent loan on Futura Lofts, a mixed-use property in downtown Dallas that features 118 apartments. The loan-to-value was 80%. The deal was funded through QFC/Green Park Financial under the Washington, D.C.-based Fannie Mae Delegated Underwriting and Servicing (DUS) Program. QFC/Green Park Financial is a partnership formed between Quantum and Bethesda, Md.-based Green Park Financial to provide multifamily and seniors housing loans under the DUS Program.
The property is currently 96% occupied. The apartments average 1,035 sq. ft. in size and feature rental rates of approximately $1.08 per sq. ft.
Amenities include a swimming pool, covered parking for each resident and a rooftop landscaped garden. The complex's three buildings were originally built in the early 1920s and were restored in the mid-1990s.