Dallas-Based real estate finance intermediary Metropolitan Capital Advisors closes another deal
DALLAS, Texas—Dallas, Texas-based Metropolitan Capital Advisors (MCA), a financial intermediary specializing in the exclusive representation of investors, developers and property owners in the commercial real estate finance capital markets, has arranged a FNMA fixed rate mortgage for the refinance of Harbin Pointe Apartments, located in Bentonville, Ark.
“We had to complete an extensive search of FNMA DUS providers before we found the one that would provide our target debt amount”, said MCA Principal & Founder Scott Lynn. “Sourcing the market for the best Lender versus just taking the first loan quote that comes along is where we add significant value for our Clients” stated Lynn.
Harbin Pointe Apartments is a 194-unit (179,560 SF) apartment complex located at 3201 SW Harbin Avenue that is currently 95% occupied. The property was built in 2005.
The Sponsor purchased the property in October 2010 vis-à-vis a note acquisition from a Lender who sold the mortgage on the property. The prior owner had defaulted on the existing loan and was subsequently foreclosed.
The new FNMA DUS loan was underwritten at 75% LTV yielding a $6.0mm loan amount with an interest rate locked at 4.5% fixed for the 10-year loan term. Todd McNeill was responsible for arranging the transaction.
About Metropolitan Capital Advisors
Metropolitan Capital Advisors specializes in the exclusive representation of investors, developers and property owners in the real estate capital markets. Since 1992, Metropolitan Capital Advisors has closed in excess of $8 billion of debt and equity transactions on behalf of a multitude of commercial property owners, developers and investors. National Real Estate Investor ranked Metropolitan Capital Advisors No. 20 on its Annual Top Financial Intermediaries list.
Metropolitan Capital Advisors is staffed with a team of professionals who specialize in specific components of the “Transaction Process” (i.e. underwriting, marketing, processing and closing). Metropolitan Capital Advisors’ staff has expertise and capabilities in a vast array of debt and equity services, including: construction and permanent debt, structured finance, and portfolio transactions.