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Occupancy Nearly Full After Initial Updates

DALLAS—Property performance has improved under the apartment’s new ownership with occupancy growing from 80% to 90% after repairs to landscaping, security upgrades, foundation and repainting.

Magnolia Creek A $15 million Fannie Mae loan was provided to refinance a bridge loan on Magnolia Creek Apartments.

DALLAS—Magnolia Creek Apartments (formerly Surrey Row Apartments) is comprised of 28 three-story residential buildings on 14.4 acres of land. Located at 7272 Marvin D. Love Freeway, the property has 436 units and was built in 1988. The apartments have five available floor plans, including an efficiency unit, along with one- bedroom, two- bedroom and three-bedroom units.

Hunt Mortgage Group recently provided a $15 million Fannie Mae loan facility to refinance a bridge loan on the multifamily property. Hunt Mortgage Group initially provided the bridge financing to enable the acquisition and rehabilitation of the property for the borrower in early 2015. The borrower is sponsored by Iliad Realty Group which was represented by Sal Torre with Estreich & Company of New York. The new loan terms include an 84-month term (7/6 ARM) and 30-year amortization period.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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