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009 Capital LLC announced the successful closure of a $21.6 million proprietary bridge loan dedicated to the acquisition and renovation of a 208-unit, one- and two-bedroom garden-style apartment community in Dallas, TX. The sponsor, a recurring client of iCapital Options, will be integrating the newly acquired Dallas site into its extensive portfolio, spanning multifamily projects across Florida, California, New Mexico, and Washington.
The financing process was tailored to meet the urgency for a swift closing. Remarkably, this transaction effectively satisfied our client’s 1031 exchange requirements while encompassing 100% of the Capital Expenditure (CapEx) costs essential for the property enhancements. Currently boasting an 87% occupancy rate, the strategic improvements will further elevate the property's quality.
Key features of the loan include a three-year term and a dedicated $2.6 million allocated for planned capital improvements at the property. This comprehensive strategy encompasses a premium upgrade for 19 units, introducing new kitchen cabinets, appliances, flooring, and lighting fixtures. Additional enhancements involve the remodeling of the clubhouse, renovation of the fitness center, installation of new lighting packages, HVAC replacements, and security upgrades.