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DENTON, TX-Irwin Realty Group of Denton, key principal for two borrowing entities, has secured more than $4.9 million by leveraging two multifamily properties that were practically paid off. The capital most likely will be used for additional development, the lender says.

PW Funding Inc., based in Mineola, NY, financed the 10-year loans with a 5.65% interest rate for assets neighboring the University of North Texas. The properties, PW Funding’s William E. Cave tells, are in good shape, with solid occupancies, so it’s more than likely that the borrower, one of the Denton area’s leading multifamily owners, is positioning to develop more product.

The 130-unit University Place Apartments at 911 Bernard St. stands as collateral for a loan of slightly more than $3.1 million whereas the deed for the 100-unit Yorkshire Apartments at 2424 W. Oak St. was put up for slightly less than $1.9 million. Cave, the lender’s exec in Dallas, says some lenders are hesitant to back properties so heavily tied to students, but the Denton assets historically have held onto high occupancies, even during the summer months.

The University Place, built in phases in 1963 and 1975 in the heart of the campus, has an average unit size of 569 sf, average rent of $550 per month and occupancy of 98%, of which 95% of the garden-style units are leased to students. The four-building development has 20% of its units dedicated to families earning 50% or less of the annual median income and another 20% for families earning 65% or less. But, the deed stipulation is that rent has a 30% ceiling above the tenant’s monthly income.

Yorkshire Apartments, which is without any subsidized covenants, was built in 1977 on about 3.4 acres near the university’s stadium. With 80% of the units leased by students, the complex has an average unit of 614 sf and monthly rent of $450. Its occupancy too hovers at 98%, according to Cave.

University Place’s 10-year loan has debt service coverage of 1.36x and Yorkshire, 1.36x. The loans represent 72% LTV, according to PW Funding, a subsidiary of CharterMac.

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