Multi-Family
Austin and Dallas, TX
We originated an $11.59 million 1st mortgage loan secured by two apartment complexes in Austin and Dallas, Texas containing a total of 276 units and 242,326 square feet. The portion of the loan allocated to the Dallas asset refinanced an existing 1st mortgage and provided excess proceeds which, when combined with the portion of the loan allocated to the Austin asset, facilitated a discounted payoff of the existing debt on the Austin asset which was very advantageous to the borrower.