AUSTIN, Texas – October 14, 2021 – Berkadia today announced the financing secured for The Park at Ashford, a garden-style multifamily property in Arlington, Texas. Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia Austin secured the $21.5 million in acquisition financing for the property on behalf of the borrower, Delaware-based WREF Park Ashford, LP. The deal closed on September 22.
The five-year, interest-only bridge loan, financed through Bridge Investment Group, will also fund planned upgrades of the property.
“After extensive discussions with a number of capital sources, we were able to work with Bridge Investment Group to deliver a loan structure that was consistent with the borrower’s business plan and provided the flexibility they needed,” said Hill.
Located at 3550 S Fielder Road, The Park at Ashford is a unique community offering one- and two-bedroom, townhome-style floor plans with all units featuring its own garage. Community amenities include two swimming pools, outdoor grilling and dining areas and an outdoor fitness center. Residents are afforded convenient access to the shops and restaurants along S Cooper Street and Interstate 20.