DALLAS, TEXAS – (September 30, 2020) The asset, located in a premier location at 7740-7777 McCallum Boulevard in Dallas, Texas, totals 419 units. Situated just south of the George Bush Turnpike, McCallum Communities is located directly in the path of progress and one of DFW’s most rapidly growing submarkets and near many major employment hubs.
“McCallum is a great example of a true class B value add opportunity with 100 percent classic interiors in North Dallas.” said Taylor Snoddy. “The buyer is planning an expansive renovation to the asset to better compete in the submarket. Marketing of this property received tremendous interest with several well-capitalized buyers to choose from.”
NorthMarq arranged acquisition financing for the borrower through as an Optigo lender with Freddie Mac. The transaction was structured with a 10-year term on a 30-year amortization schedule at 80 percent loan to purchase price. “We worked to ensure that the sponsor was able to obtain a full 80 percent loan while not having to sacrifice interest only or spread,” said Hancock.