ECA Secures $101 Million Loan For 1,576-Unit Multifamily Portfolio In Texas

The transaction involves a multifamily portfolio consisting of 1,576 units across 20 properties located in various Texas cities including Longview, Dallas, Paris, and Vernon. The landlord for this transaction are Loyd Fornes and Michael Garland from ECA. The loan amount secured for this acquisition is $101 million, which is primarily for renovation purposes of properties built between 1999 and 2007.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $101,000,000
• Units: 1,576
• Lender: RRA Capital & The Bancorp
• Landlord: Loyd Fornes & Michael Garland - ECA
• Advisor: Josh Crowell - Elowen Capital
• Sale Brokers: Andrew Mulhall - SVN AVAT Realty; Garret Huie - SVN Oak Realty Advisors; Derek DeHay - Lument
• Loan Terms: interest-only

The financing arrangement includes $94.2 million in senior and stretch-senior bridge debt along with $6.7 million in limited partner equity, which was orchestrated by Elowen Capital. The largest concentrations of the properties are located in Longview, Dallas, and Houston. The brokers involved in the acquisition include Andrew Mulhall, Garret Huie, and Derek DeHay, representing their respective firms.