BWE Arranges $56M Loan For McKinney MultiFamily Acquisition By Buchanan Street Partners

The asset involved in this transaction is Jefferson Terrace, an apartment community located at 1703 Rockhill Rd, McKinney, TX, 75069. This multifamily property comprises 354 units, featuring a mix of one-, two-, and three-bedroom apartments. At the time of closing, the property maintained a high occupancy rate of 97%. The loan to finance its acquisition was set at $56,000,000.00.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $56,000,000.00
• Market: McKinney
• Borrower’s Representative: Tom Kenny - Bellwether Enterprise (BWE)
• Lender: Undisclosed Institutional Investor
• Loan Term: 10 years
• Interest Rate: Fixed at 4.96%
• Occupancy Rate at Closing: 97%
• Borrower: Partnership led by Buchanan Street Partners
• Loan Structure: Non-recourse with carve outs to the borrowing entity

Tom Kenny from Bellwether Enterprise Real Estate Capital (BWE) originated the loan on behalf of the borrower. This transaction represents one of multiple acquisitions made by Buchanan Street Partners in the Dallas area in recent years. Kenny noted the advantage of being a repeat borrower, which allowed for a swift rate locking on an insurance company lender term sheet as interest rates began to rise thereafter.