New York, NY — Lument has announced the closing of a $22.6 million proprietary bridge loan for the acquisition and renovation of The Junction, a 205-unit garden-style multifamily apartment community in Arlington, Texas. Lument Managing Director Ted Nasca led the transaction.
“We always appreciate our repeat clients, and it was indeed a pleasure to collaborate with the sponsors of this transaction to create a plan that meets all of their goals,” said Nasca. “We were able to provide all the necessary funds to meet their objectives, including financing for needed improvements that will add value to the property.”
The loan is structured with initial funding of $20.7 million and a future funding facility of $1.9 million for interior upgrades, including new washer/dryers, appliances, countertops, and flooring. The $22.6 million bridge loan features a variable interest rate, three-year term, and two 12-month extension options.
The deal was sponsored by American Ventures, a firm that has acquired, renovated, stabilized, and sold 13 assets with 2,985 units over the past 10 years in Texas. It will include guarantors from both American Ventures and Impex Capital, a privately held real estate investment firm that owns and manages close to $1.2 billion in properties. The community will be managed by Alpha Barnes Real Estate Services, a full-service, third-party management firm that currently manages approximately 30,000 multifamily units.
“Our two existing clients — Shravan Parsi of American Ventures and Ash Shah of Impex Capital —partnered to form a very strong ownership team to make this value-add project a great success,” Nasca continued. “I look forward to continuing productive, long-term relationships with both of them.”
The Junction was constructed in 1970 and consists of 28 two-story, garden-style residential buildings, a leasing office/clubhouse, and a laundry facility building—all situated on approximately nine acres. Onsite amenities include a swimming pool, pergolas, BBQ grills, playground, dog park, and soccer area.