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ARLINGTON, TX-A Minnesota buyer has latched onto 264 units in Arlington with 1031 Exchange proceeds and a $10.2-million loan that was packaged in 34 days to meet the tax requirement deadline.

“This deal never had any scrambling,” Jason Rice of Quantum First Capital in Dallas explains to of the smooth sailing from application to closing of the Calais Apartments at 2108 Calais Way in Arlington. The Edina, MN, buyer swapped a multifamily deed in his home state for his second title in Texas, specifically Arlington where he owns the 252-unit Springfield Crossing along West Arkansas Lane.

The Calais Apartments traded as a tenants-in-common transaction, with the buyer collecting investors to match his $1.4 million in 1031 Exchange money to drum up the equity, says Rice, the loan originator. Quantum bundled a Fannie Mae DUS permanent loan with an 80% loan-to-value ratio. The partnership of Green Park Financial, based in Bethesda, MD, and Dallas-headquartered Quantum Financial provided the 10-year loan, which carried a sub-5% fixed interest rate with 30-year amortization.

The Calais Apartments, which sold for about $12.3 million, is a solid class B asset that will be getting about $150,000 in improvements now that the deal’s done, Rice says. The 93%-leased complex has 34 two- and three-story buildings, with units that average 781 sf and rent for 93 cents per sf or $726 per month.

Dirk Goris of CB Richard Ellis Inc.’s Dallas office brokered the sale. Equity Residential of Chicago was the seller of the 18-year-old gated community to the buyer of record, Timberland Texas II.

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