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PLANO, TX-Using the capital to buy out a partner, a Dallas investor has secured a $20.85-million loan to take control of the 181-unit, class A Echelon at LakeSide. The financing, representing an 82% loan-to-value ratio, opens the door for a sale or roll to a permanent vehicle.

The five-year-old complex, sitting on 12 acres at 5900 Baywater Dr. in the Far North Dallas submarket, was 93% occupied when the 18-month, interest-only bridge loan closed for borrower of record, Lakeside Baywater Enterprises LP. The borrower had “a 30-day fuse” to make the close or lose the deal, Michael Bryant, senior vice president in the Dallas office for the Horsham, PA-based GMAC Commercial Mortgage Corp., tells GlobeSt.com. “We moved very quickly.” He says the purchaser has been a minority partner in the award-winning, class A complex since it came out of the ground. Echelon Communities LLC of St. Petersburg, FL was the seller.

Bryant says the financing paid off a loan held by Bank of America and set up a flexible play for a sale or a permanent loan–without a prepayment penalty–at any point during the 18-month term. GMACCM’s proprietary lending group financed the deal with a floating rate interest of 225 points over Libor, according to Bryant. The borrower’s options include a six-month extension on the term.

The Echelon at LakeSide consists of 32 two-story buildings with 49 one-, 43 two-, 67 three- and 22 four-bedroom units with direct access garages. The apartments average 1,585 sf. Monthly rents average $1,800. The asset abuts a 400-acre development of single-family estate homes.

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