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 Oak Cliff neighborhood of Dallas, Texas, according to Brian Good, CEO of iBorrow.
“The borrower had the opportunity to purchase an exceptionally well-located multifamily property within the continuously growing market of Dallas,” explains Good, noting the community’s proximity to several major thoroughfares and employment centers. “The asset was recently renovated under previous ownership, further enhancing 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 in-migration, as it is expected to surpass 70,000 new residents this year. According to a recent report, as a result of people relocating to this metropolitan area, apartment absorption will exceed deliveries in 2022, producing downward vacancy pressure and sustaining rent growth.
“We’re highly confident in the borrower’s business plan as rent growth in the area continues to surge to record highs,” says Good. “In order to meet the compressed timelines of today’s market and seize this rare and highly competitive acquisition opportunity, the borrower required quick, reliable financing that our team was able to confidently deliver.”
The community is centrally located within a 15-minute drive of Downtown Dallas and near significant industrial employment along Interstate 20 and Interstate 30. Residents also benefit from convenient access to several shopping, 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.