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DALLAS-Westdale Asset Management Inc. is putting a value-add repositioning plan for a 2,067-unit multifamily portfolio into action with $76.4 million in 14 loans from two lenders. The simultaneously closed transactions are embedded with flexibility for easy prepayment on the resale front.

Stuart Wernick, president of Dallas-based Quantum First Capital LP, and director Eli Gershenson arranged the loans through New York City powerhouses Lehman Brothers and Citibank. "It was not just a simple financing," Wernick tells GlobeSt.com. "We were able to maximize loan proceeds by using two lenders. But at the end of the day, it also helped the borrower because we were able to achieve additional proceeds to help them with their goal."

Westdale's financing took 45 days to package once it swung into motion, but the plan to acquire the Lakeways portfolio from Denver-based Simpson Housing LP took at least one year to bring to fruition. Wernick says the challenge was to bundle the properties for short- and long-term holds. He adds the buyer and seller also were arm-wrestling with the state transportation department over a condemnation for a strip of freeway-fronting land at the Highlands at Galloway at 4819 N. Galloway Rd., the only Mesquite asset in the 10-property lot.