According to a report from RE Business, Atlantic Pacific Cos. has secured $112.4 million in Freddie Mac loans to refinance three multifamily properties in the Dallas-Fort Worth (DFW) metroplex.
The financing package includes a $40 million loan for Atlantic Stonebriar, a 294-unit complex situated in The Colony, a northern suburb of Dallas; $42.3 million for Atlantic McKinney, which features 343 units and is located on the outskirts of Dallas; and $30.2 million for Atlantic Station, an apartment community with 324 units in Fort Worth.
In addition to these DFW properties, Atlantic Pacific also closed loans for four other assets – three located near Atlanta and one in Cary,N.C.The seven new mortgage loans have five-year terms with fixed interest rates averaging around 5.1 percent.
Connect CRE reports that Freddie Mac has provided funding totaling $112.4 million to refinance multiple multifamily properties owned by Atlantic Pacific Cos., based out of the DFW metroplex area.
The refinancing deal includes separate amounts allocated towards each property: A loan worth$40million was granted towardsAtlantic Stonebriar,a residential complex featuring294 apartmentslocatedin The Colony- asuburb northofDallas.AtlanticMcKinney receiveda sumof$42 .3millionfor its343units,situatedontheoutskirtsofDallas,andAtlanticStationwas givena totalof$30 .2milliontowardsits324apartmentsinFortWorth .
Alongside thesethreeDFWproperties ,Atlanti cPacificalso obtainedrefinancingforfouradditionalassets.ThreearelocatednearAtlantaandthefourthissituatedinCary,N.C.Allsevenmortgageloanshaveafive-yeartermwithfixedinterestratesaveragingaround5 .1percentaccordingtoConnectCRE’sreporting.
