DALLAS, July 31, 2012 — Dallas, Texas-based Metropolitan Capital Advisors (MCA), a financial intermediary specializing in the exclusive representation of investors, developers and property owners in the commercial real estate capital markets, has arranged a $3,000,000 fixed rate mortgage for Redbud Apartment Community, located in McAllen, Texas. This marks yet another Texas Commercial Loan for the North Texas Financial Intermediary.
Redbud Apartments is an 80-unit apartment complex located in the northeast section of McAllen.
The property had suffered from poor management and deferred maintenannce. The Borrower acquired the property in 2010 and subsequently completed over $1,000,000 of property upgrades and rehabilitation. The property is now 95% occupied.
The property is situated within and area that includes several major hospitals and other healthcare institutions. The combination of surrounding commercial uses that provide a steady stream of prospective residents, overall strong market occupancy and recent growth in rental rates allowed the Borrower to obtain a favorable permanent fixed loan
MCA Senior Director, Hook Harmeling, was responsible for arranging the permanent loan that was locked at a fixed interest rate below 4%, for a term of 10 years under the Fannie Mae DUS loan program.
Since 1992, Metropolitan Capital Advisors has closed in excess of $8.5 billion of debt and equity transactions. National Real Estate Investor Magazine has consistently ranked MCA as one of the top CRE Financial Intermediaries in the US. MCA has already closed over $200,000,000 of commercial real estate financing during 2012.