Friday, October 30, 2015

Grandbridge Arranges $18.8M Loan for Apartment Community in Irving

Newport Apartments is a 308-unit apartment complex in Irving.

IRVING, TEXAS — Grandbridge’s Blake Willeford has arranged $18.8 million in financing for Newport Apartments, a 308-unit apartment complex in Irving. The loan, arranged through a debt fund REIT, included financing for the acquisition as well as capital for improvements to enhance the property.

The transaction was structured with a two-year, interest-only term. The asset, built in 1981, includes 200 renovated units with faux wood flooring, black appliances and brush nickel plumbing and lighting fixtures.

The borrower, PPA Group, plans to renovate the remaining 108 units and make exterior improvements including masonry dumpster enclosures, replacing wood with wrought iron on select balconies/patios, adding an outdoor kitchen and adding a dog park.

Texas Real Estate Business