Thursday, April 10, 2014

Steadfast Receives $15M for Acquisition

By Katie HindererDallas/Fort Worth
Join us at the The Houstonian Hotel in Houston, TX, where we will be covering capital sourcing and investment in Houston as well as development across the property types and what to look for in 2014. RealShare Houston attracts over 200 commercial real estate professionals across the sector – at RealShare HOUSTON on May 1.
The 148-unit luxury apartment complex is located at 6606 Mapleshade Ln.
DALLAS–Steadfast Cos. received $15.2 in acquisition financing in order to purchase Mapleshade Park apartments. The 148-unit luxury apartment complex is located at 6606 Mapleshade Ln.
The 7-year loan was brokered Matt Greer, senior vice president in the Austin office of Berkadia Commercial Mortgage. The acquisition financing was secured through Berkadia’s Freddie Mac program. It amortizes over 30 years with a 2.3% floating interest rate and three years of interest-only payments. 
“Berkadia has a strong presence and background in the Texas market, and we tapped this expertise to identify the right loan product for the borrower,” Greer says. “We understood what Steadfast wanted to achieve with this project and leveraged our relationships at Freddie Mac to ensure that the borrower’s needs were fully met.”
Mapleshade Park is 94% leased. On-site amenities include a business center, pool, clubhouse, and fitness center.