GARLAND, TX – Walker & Dunlop announced that it structured $81,827,200 in bridge financing for the acquisition and repositioning of Landmark at Lake Village North and Landmark at Lake Village East, two garden-style apartment communities in Garland, Texas.
The multifamily properties are undergoing significant renovations and will cater to residents looking to live near Bayside, the $1 billion master-planned, resort-style development along the shore of Lake Ray Hubbard. Once complete, Bayside will feature upscale restaurants, retail, beachfront recreational activities, office space, and Texas’ first Crystal Lagoon, an eight-acre manmade pool with clear turquoise water.
Led by Managing Director Alex Inman, Walker & Dunlop secured two bridge loans from a regional bank on behalf of the owner, Madera Residential. The financing will allow the owner to execute their business plan of repositioning both multifamily communities. Each three-year loan includes favorable terms, is partial interest-only, and is followed by a 30-year amortization.
"Having closed nearly 30 transactions with Walker & Dunlop already, it’s no surprise they executed flawlessly on the transactions of both Landmark at Lake Village East & North." Commented Alton Smith at Madera Residential. "Alex and his team were able to present several different financing options from various lending sources, allowing us to choose the best fit for our business plan."
Said Mr. Inman, "Madera Residential is a highly skilled multifamily owner in the Dallas area and we are certain that their improvements will increase value for both the owner and residents." He added, "We are pleased to be part of an exciting project in a growing area of Texas."
Both properties were constructed in 1983 and are undergoing a comprehensive upgrade program to renovate unit interiors, make exterior improvements, and increase offerings to residents. As part of their business plan, Madera Residential’s use of the loan proceeds improving curb appeal and interiors will add significant value to the overall portfolio.
Landmark at Lake Village North is an 848-unit, garden-style apartment community located near the intersection of Interstates 635 and 30 and close to the President George Bush Turnpike. Landmark at Lake Village East is a 321-unit, garden-style apartment community that sits on a peninsula of Lake Ray Hubbard. Amenities at the properties include features such as multiple swimming pools, several basketball courts, sand volleyball courts, tennis courts, dog parks, a playground, clubhouse with coffee lounge, 24-hour fitness center, and picnic and barbeque areas.
The properties enjoy quick access to both Downtown and Uptown Dallas, as well as the Firewheel, CityLine, and Rockwall neighborhoods. The properties are also well-positioned near future employment hubs within the submarket, such as the redevelopment of Big Town Mall into a new FedEx outpost.