Catalyst Urban Development landed an $81 million loan to refinance debt on a Dallas-area apartment building.
The bridge loan from Affinius Capital will provide fresh financing for Belt and Main, a 350-unit multifamily property in Richardson. It will retire the property’s construction loan and enable the Dallas-based developer to complete construction on the project while it leases up.
The refi deal, which is the first between Affinius Capital and Catalyst Urban Development, was arranged by JLL. The loan amounts to $231,000 per apartment unit.
Belt and Main, at 150 West Main Street, features 17,000 square feet of ground-level retail. The property includes a pool, fitness center and grilling stations.
Its location provides easy access to U.S. Highway 75. Richardson is about 15 miles north of downtown Dallas and 22 miles east of DFW International Airport.
Though stubbornly high interest rates have made multifamily financing like this harder to come by, the Federal Reserve’s latest rate cut could signal increased availability of cash for projects like Belt and Main.
Meanwhile, Dallas-Fort Worth’s multifamily market is experiencing a historic surge in supply.
As of mid-November, 38,640 units had been delivered in the metroplex this year, according to Partners Real Estate. As a result, rents have declined by more than 3 percent in the last year.
Catalyst Urban Development specializes in mixed-use development. The firm’s portfolio includes eight properties in the Metroplex and one in Waco.
Affinius Capital, previously known as USAA Real Estate and Square Mile Capital Management, manages $64 billion in gross assets. The firm is based in San Antonio.
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