Northmarq arranges sale, acquisition financing of 370-unit garden apartment community in Dallas, TX
Photo source: Northmarq
DALLAS — Northmarq’s Dallas Investment Sales team led by Taylor Snoddy, Eric Stockley, and Charles Hubbard — in collaboration with its Newport Beach Debt + Equity deal team led by Scott Botsford, Joe Giordani and Brendan Golding — successfully arranged the sale and bridge loan acquisition financing of The Jasmine, a 370-unit garden apartment community located at 13450 Esperanza Rd. in Dallas, Texas.
Northmarq represented the seller in the transaction.
“As one of the largest single-asset transactions of this vintage in DFW over the past three years, this sale brought a buyer back into the DFW market for the first time in nearly a decade through Northmarq’s extensive outreach and targeted marketing efforts,” Snoddy said.
Northmarq arranged financing on behalf of the borrower, The Bascom Group LLC, through a relationship with Morgan Properties Inc.
The non-recourse loan has a five-year term and was structured with a future funding facility to provide capital for the borrower to complete property renovations.
“Our team provided significant guidance during the lender negotiations, as the acquisition bridge loan required heavy structure, holdbacks, and performance hurdles,” Botsford said. “Our Investment Sales team’s knowledge of the property and current market conditions, combined with Bascom’s established reputation, enabled us to create strong lender competition and secure aggressive terms and pricing. It’s a great example of Northmarq’s capital markets ability, having Investment Sales and Debt + Equity work together to ensure certainty of close.”
Built in 1980, The Jasmine includes 19, three-story buildings sitting on 12.52 acres. It features one- and two-bedroom units with options including wood-style flooring, quartz countertops, stainless steel appliances, ceiling fans and spacious closets.
Community amenities include a resort-style pool with lounge seating, playground, BBQ/picnic area, exclusive resident clubhouse with billiards, pet stations, laundry center, monthly resident events, on-site management and maintenance and playground. The property includes 492 parking spaces.
Situated near the intersection of U.S. Hwy 75 and Interstate 635, The Jasmine has convenient freeway access. It sits roughly 11 miles north of downtown Dallas.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
