ALLEN, TX - RED Capital Partners, LLC, the proprietary debt and equity banking arm of comprehensive capital provider RED Capital Group, recently completed an $8.9 million balance sheet construction loan to Dolce Living Communities Residential (DLCR) for the construction of Bella Terra at Twin Creeks, a 374 unit Class A apartment complex in Allen, Texas, a suburb of Dallas.
The $51.3M construction project will be capitalized with a Fifth Third Bank first mortgage, equity funding arranged by Nebo Capital with Mountain Capital Partners, and $8.9M in mezzanine debt provided by RED Capital Partners. RED retains the exclusivity on permanent financing for the project.
Bella Terra at Twin Creeks will be a luxury complex surrounded by lush amenities conveniently located near major shopping, large school districts and key transportation corridors within the Dallas / Fort Worth Metroplex. DLCR owns and manages seven Class A apartment communities, and is in the predevelopment stage with five additional assets in both Texas and Minnesota. The high-end multifamily communities developed and managed by DLCR typically reach stabilized occupancy prior to 100% completion.
RED Capital Group is truly a top notch lender. Linda Menk and the RED team worked within an extremely tight time frame and delivered on every commitment made,” said Russ Krivor, CEO and President of DLC Residential. “I would recommend them to any borrower or developer as both a conduit/Fannie Mae lender as well as a mezzanine lender.” Krivor continued, “The executive team with which I worked was extremely organized, responsive and worked around-the-clock to meet our needs. I couldn’t be happier with the transaction!”
Mike Moran, CEO for RED, said, “The RED balance sheet program has previously been utilized in the Seniors Housing space and we’re pleased to now extend that program to multifamily properties. Providing mezzanine debt and bridge lending to developers such as DLCR provides them with true business plan lending that can be tailored to fit their unique development needs and objectives.”
Linda Menk, Director for RED, said, “The opportunity to work with Russ and DLCR has been a privilege. We are always happy to work with a developer who has a successful track record and a proven method of delivering quality at very reasonable costs. DLCR has certainly garnered the attention of RED for future portfolio expansion.” Menk added, “We are incredibly proud of the project and value the relationship we’ve formed with DLCR, Fifth Third Bank, Nebo Capital and Mountain Capital Partners. We look forward to future funding opportunities with all participants as they grow."
Source: Red Capital Partners / #Finance #Housing