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2525 Elm St Dallas, TX 7522...

FINANCEDMultiFamily

Westdale Properties And StreetLights Residential Secure $73M Loan For The Hamilton In Deep Ellum, Dallas

2525 Elm St Dallas, TX 75226, USA

$73,000,000

Building Size

Asset Type

MultiFamily

Closing

Jun 22, 2023

AI

The Hamilton, a 26-story apartment high-rise located at 2525 Elm Street in Deep Ellum, Dallas, has secured a $73 million loan for refinancing. The property, consisting of 310 multifamily units, is part of the Epic mixed-use development and is managed by Westdale Properties and StreetLights Residential. With rental prices ranging from $2,000 to over $4,000 per month, The Hamilton offers upscale amenities, making it a popular choice among tenants.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $73,000,000
  • Units: 310
  • Lender: Forethought Life Insurance
  • Landlord: Westdale Properties; StreetLights Residential - Doug Chesnut
  • Loan Type: Refinance

Developers Westdale Properties and StreetLights Residential successfully obtained a $73 million loan from Forethought Life Insurance for The Hamilton. This financial arrangement allows for the optimized management and continued luxurious offerings of the apartment high-rise in Deep Ellum's vibrant market. The collaboration between the developers, Westdale Properties and StreetLights Residential, ensures the provision of exceptional living experiences to the residents.

Players

FI
Forethought Life InsuranceLender
SR
StreetLights ResidentialLandlord

Texas MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.22%

Cash-on-Cash

-0.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93