FORT WORTH-Lincoln Property Co. has obtained a $32.75 millionmortgage for The Berkeley, a 406-unit, class A apartment propertyhere. The complex, located in the Berkeley neighborhood, is ownedby the Dallas-based developer and a multifamily development fundoperated by Sarofim Realty Advisors.
The 35-year, fixed-rate FHA 223(f) loan was funded throughMetropolitan Funding Corp., a MAP (multifamily acceleratedprocessing) lender. The proceeds will be used to retire theexisting construction loan and to recapitalize the property, whichwas completed in 2008.
The assumable, non-recourse financing was arranged by JodyThornton, an executive managing director in HFF's Dallas office,and John Ahmed, associate director also in HFF's Dallas office.
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