The Dallas office of Berkadia Commercial Mortgage LLC (Berkadia) recently arranged $13 million in permanent financing for the Timber Oaks Apartments located in Midlothian, Texas. Senior Vice Presidents Greg Golden and John Koeijmans worked with borrower Midlothian Timber Oaks LP to secure the ten-year, fixed-rate loan.
The loan, arranged through lender Fannie Mae, was used to refinance an existing mortgage on the apartment community. Located within 30 miles of both Dallas and Fort Worth, Midlothian is known as the hub of the cement industry in North Texas with three separate cement production facilities, as well as a steel mill. The community also has a fast-growing residential population, which has tripled in size since 2000.
Golden and Koeijmans first evaluated the location and features of the property, and then leveraged their experience working with a variety of lenders — agency, life companies, CMBS and the Federal Housing Administration (FHA) — to identify the financing option that best met Midlothian Timber Oaks’ needs. The loan amortizes over 30 years.
“Timber Oaks is the premier multifamily community within the Midlothian submarket,” said Golden. “We take pride in our knowledge of the Dallas-Fort Worth area, including smaller communities like Midlothian, and we are pleased to help the borrower contribute to this vibrant, thriving city.”
Timber Oaks Apartments is a 242,076 square foot gated community spanning nine acres. Currently 95 percent occupied, the property consists of 180 one-, two- and three-bedroom units, and features amenities including a pool, 24-hour fitness center and convenient access to downtown Midlothian as well as the major employment centers of Dallas and Fort Worth.