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4/11/22
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Ashton Apartment Homes, a 152-unit, garden-style multifamily property in the Dallas-Forth Worth Metroplex community of Saginaw, was acquired by a private investor in a 1031 exchange. The purchase was funded with a bridge loan of $19.09 mil.
The property, located at 681 N. Saginaw Blvd, was originally built in 1984. The complex consists of 14 two-story buildings on 7.6 acres. The property recently underwent a renovation of common area amenities prior to the acquisition. Plans for interior upgrades follow the completed acquisition, with loan proceeds earmarked for energy efficient and environmentally friendly unit renovations across the complex.
The two-year purchase loan was arranged by Andy Bratt of Gantry and funded through a New York based alternative investment management company with more than $37 bil of diverse credit assets under management. The loan includes three one-year extension options. Funding met sponsorship goals of pairing a timely 1031 exchange with a future funding component to provide the additional capital necessary to complete the value-add repositioning of the acquired property.
According to Bratt, the bridge loan funded the acquisition and included money for unit upgrades to fully modernize the property and increase rental income.
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