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
Texas MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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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