DALLAS (July 9, 2019) – Berkadia has secured a $48 million loan for the acquisition of The Brandt, a 504-unit garden-style apartment community located in Irving, Texas. Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia’s Austin office arranged the financing on behalf of the buyer, Western Wealth Capital.
Berkadia originated and Freddie Mac purchased a 7-year, adjustable-rate loan with 3 years interest only.
“After extensive discussions with a variety of capital sources, we were able to work with Freddie Mac to deliver a loan structure that was consistent with the borrower’s business plan and provided the leverage and flexibility that they needed,” explained Andy Hill.
Over the next five years, Western Wealth Capital will complete their disciplined value-add program which will include unit interior upgrades and adding washer and dryers in many units.
Located at 3950 N. Story Road, The Brandt offers a variety of one- and two-bedroom floor plans ranging from 632 square feet to 1,045 square feet. Units include granite counter tops, wood plank flooring, walk-in closets, and fireplaces in some units. Community amenities include private enclosed yards, a remodeled clubhouse and fitness center, a dog park and pet wash station, and three pools.
The Brandt is conveniently situated in the Las Colinas neighborhood, adjacent to the Cottonwood Valley subdivision and neighbors the Four Seasons Resort and Club along with its TPC golf course.