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Granite Towers Equity Group Acquires 310-Unit Multifamily Property In Dallas For $23M

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FINANCED
$23,000,000

Texas

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MultiFamily
Financed 01/16/2024
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Property Image
FINANCED

Granite Towers Equity Group Acquires 310-Unit Multifamily Property In Dallas For $23M

2650 West Northwest Highway

See Similar Deals
MultiFamily
Financed 01/16/2024
the dealplayerscompscontact
Contact now

Summary

TEXAS
Asset Type:MultiFamily
Transaction Type:Loan

The Marcus & Millichap Capital Corporation (MMCC) facilitated a $23 million agency financing for Granite Towers Equity Group (GTEG) to acquire a 310-unit multifamily property located at 2650 West Northwest Highway, Dallas. The property is a multifamily asset with a total of 310 units.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $23,000,000
  • Address: 2650 West Northwest Highway, Dallas
  • Market: Dallas
  • Asset Type: Multifamily
  • Units: 310

The loan, facilitated by Ralph Rader from Marcus & Millichap Capital Corporation, is an acquisition loan with a fixed rate of 1.86% over the 10-year Treasury. The loan terms include five years of interest-only payments, followed by a 30-year amortization and a 10-year term.

Players

Ralph Rader
Greysteel
Ralph Rader
2 deals$23M volume(469) 453-5216
BROKER

Details

FINANCED
IMAGE: Michael Roeder & Ralph Rader DATE: 01/16/2024 ADDRESS: 2650 West Northwest Highway MARKET: Dallas ASSET TYPE: Multifamily ~ UNITS: 310 LANDLORD: Michael Roeder - Granite Towers Equity Group (@GraniteTowersEquityGroup) BROKER: Ralph Rader - Marcus & Millichap Capital Corporation (@MMCapCorp) LOAN AMOUNT: $23,000,000 LOAN TYPE: Acquisition Loan LOAN TERMS: fixed rate of 1.86% over the 10-year Treasury, five years of interest-only, followed by a 30-year amortization and a 10-year term NOTE: Marcus & Millichap Capital Corporation (MMCC) facilitated $23 million in agency financing for Granite Towers Equity Group (GTEG) to acquire a 310-unit multifamily property in Dallas. The financing, led by Ralph Rader, includes a fixed rate of 1.86% over the 10-year Treasury, with five years of interest-only, followed by a 30-year amortization and a 10-year term.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$23,000,000.00

Monthly NOI$153,333.33
Monthly Debt Service$145,375.65
Change in Cash Flow$0.00
Refinance Proceeds$0.00