Spring Ridge II Apartments
StackSource recently arranged a $9.32 million acquisition financing, including $2.3 million in funds for capital improvements for a 124-unit multifamily property in Dallas, Texas. Sponsorship included a mix of investors across the country with varying levels of experience. The loan was initially approved and then turned down by another lender before the lender identified by StackSource closed the loan. The loan had less than 1.00 DSCR at closing.
With the help of StackSource Capital Advisors Jaideep Chadha and Chris Peters, the sponsors were able to obtain an 80%+ loan-to-cost, non-recourse loan at a rate of SOFR + 5.00%. Jaideep and Chris were able to coordinate a smooth and on-time closing.