Dallas, TX, June 15, 2019 --(PR.com
)-- Locust Park Capital has arranged a $10 million acquisition loan for a multi-family portfolio consisting of 4 buildings and totaling 240 units. The portfolio is spread throughout the Dallas/Fort Worth area. The undisclosed buyer intends to perform major capital improvements consisting of upgrading apartment finishes and common areas, painting exteriors, roof improvements and landscaping. Kenneth Lee and Jay Lopez of Locust Park Capital originated the fixed rate five-year loan, which includes a 30-year amortization schedule. The loan was arranged through an undisclosed balance sheet lender on behalf of the borrower.
Locust Park Capital is a real estate investment banking and capital advisory business headquartered in New York, NY. Founded in 2018 by accomplished principals with over 30 years of combined experience. The company specializes in arranging sponsor equity and debt financing for developers, funds, and family offices both domestically and in Europe.