Houston-based L.J. Melody & Co. provided a $20.3-million loan for the acquisition. The 10-year loan was then sold to Freddie Mac. Jeff Shaw, L.J. Melody's director in Dallas, arranged the financing, which carries a 30-year amortization and interest rate of about 7%.
Shaw says the loan closed in a speedy 30 days. "We just had all the forces on line to get it closed quickly," he tells GlobeSt.com. He says the parties were under a time constraint to close before the end of 2001. The deal was inked Dec. 31.
The class A Carrington Park was built in 1995 by Fairfield Residential of California. England Group intends to make the 23-acre complex at 30001 Communications Parkway its signature property due to positioning in a high-ticket neighborhood, according to its Web site. The area's average household income is $212,535 and the median owner-occupied property is valued at $904,334. The complex is a block from the 1.5 million-sf Shops at Willow Bend.
England Group's portfolio includes nine multifamily properties in Houston, Mississauga, Ontario, New Westminster, BC, Vancouver, BC, Toronto, Southern Ontario and Calgary, Alberta. But in DFW, it is the owner of nearly 2,500 units in 11 communities.
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