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KKR & Co. Provides $122M Refinance Loan For Multifamily Property In Irving, Texas

Property Image
FINANCED
$122,000,000
Jordan Slone
RF

Texas

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MultiFamily
Financed 04/25/2023
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Property Image
FINANCED

KKR & Co. Provides $122M Refinance Loan For Multifamily Property In Irving, Texas

385 East Las Colinas Blvd.

See Similar Deals
MultiFamily
Financed 04/25/2023
Jordan Slone
RF
the dealplayerscompscontact
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Summary

TEXAS
Asset Type:MultiFamily
Transaction Type:Loan

The Alesio Urban Center, a 908-unit multifamily property located at 385 East Las Colinas Blvd. in Irving, Texas, has secured a $122 million loan for refinancing. The loan was provided by KKR & Co. and arranged by Newmark. This financing was used by Harbor Group International to refinance a previous loan of $117.6 million, which was originally provided by KKR Real Estate Finance Trust two years ago.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $122,000,000
  • Units: 908
  • Address: 385 East Las Colinas Blvd.
  • Market: Irving

Harbor Group International, represented by Jordan E. Slone & Robert S. Friedman, acted as the landlord for the transaction. The loan was facilitated by Newmark, while KKR & Co. provided the financing. This five-year refinance deal has allowed the Alesio Urban Center to secure stable fixed-rate financing for its 908-unit apartment property in Irving, Texas.

Details

FINANCED
IMAGE: Jordan E. Slone & Robert S. Friedman DATE: 04/25/2023 ADDRESS: 385 East Las Colinas Blvd. MARKET: Irving ASSET TYPE: Multifamily ~ UNITS: 908 LENDER: KKR & Co. LANDLORD: Harbor Group International - Jordan E. Slone & Robert S. Friedman BROKER: Newmark LOAN AMOUNT: $122,000,000 LOAN TYPE: Refinance LOAN TERMS: five-year NOTE: KKR has provided $122m of fixed-rate financing against the Alesio Urban Center, a 908-unit apartment property in Irving, Texas. The loan was arranged by Newmark, and was used by Harbor Group International to refinance a $117.6m loan that another KKR affiliate, KKR Real Estate Finance Trust, had provided two years ago.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$122,000,000.00

Monthly NOI$813,333.33
Monthly Debt Service$771,122.99
Change in Cash Flow$0.00
Refinance Proceeds$0.00