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 fixed rate FNMA Loan for the acquisition of Shoreline Apartments. The property is located in Tulsa, Ok.
Constructed in 1974, and renovated in 2006, Shoreline is an apartment community comprised of thirty-nine (39) two story apartment buildings, along with one, one-story clubhouse/leasing center situated on 30 acres. The floor plans range in size between 400 SF and 1,200 SF. The building exterior features brick veneer and wood siding with pitched roofs, covered with composition shingles. The community amenities offered include a clubhouse with internet, fitness & business center, a swimming pool adjacent to the lake and resident fishing. The majority of units have undergone extensive renovations with new standard kitchen appliances, resurfaced countertops, large walk-in closets and patio/balconies. Select units offer backyards, hardwood floors and fireplaces.
Shoreline Apartments is centrally located in Tulsa situated alongside Interstate-44 approximately nine (9) miles east of Downtown Tulsa and in close proximity to major thoroughfares that provide residents a short commute to major employment opportunities including the Tulsa International Airport, The University of Tulsa, West Corporation and various retail and restaurant establishments.
The loan was underwritten at 80% LTV yielding a $13.9mm. loan. The interest rate was fixed at 4. 6% for the 10 year loan term. MCA Senior Director, Todd McNeill was responsible for arranging the FNMA Mortgage.
Since 1992, Metropolitan Capital Advisors has closed in excess of $8 billion of debt and equity transactions. National Real Estate Investor Magazine recently ranked MCA #18 on its Annual “Best of the Best” Financial Intermediaries list for 2011.