DALLAS, TX – iBorrow, a nationwide private direct lender for commercial real estate, has provided a $20 million loan to support the acquisition of a 232-unit garden-style multifamily community in the Dallas neighborhood of ‘Oak Cliff in Dallas, Texas, according to Brian Good, CEO of iBorrow.
“The borrower had the opportunity to purchase an exceptionally well-located multi-family property in the ever-growing Dallas market,” Good says, noting the community’s proximity to several major thoroughfares and employment centers. “The asset was recently renovated under the previous owner, further strengthening the strength of this investment and the borrower’s ability to capitalize on current and future demand for quality rental housing in Dallas.”
Good notes that the Dallas-Fort Worth market will soon lead the nation in immigration, as it is expected to exceed 70,000 new residents this year. According to a recent report, due to people moving to this metropolitan area, apartment absorption will exceed deliveries in 2022, producing downward pressure on vacancy and supporting rental growth.
“We are very confident in the borrower’s business plan as rental growth in the area continues to reach record highs,” said Good. “In order to meet the tight deadlines of today’s market and seize this rare and highly competitive acquisition opportunity, the borrower needed fast and reliable financing that our team could provide with confidence.”
The community is centrally located within a 15 minute drive of downtown Dallas and close to important industrial jobs along Interstate 20 and Interstate 30. Residents also enjoy convenient access to several shops, restaurants and entertainment options, as well as a DART stop in front of the property.
The community is located at 4542 W Kiest Boulevard in Dallas, Texas.