Azure Partners has bagged $32 million in financing for its acquisition of Sorrel Fairview, a Class-A multifamily property in Fairview, Texas, Commercial Observer can first report.
J.P. Morgan Asset Management provided the loan, according to sources close to the deal, which has a five-year term, features a fixed-rate of 4 percent, three years of interest-only payments and two one-year extension options.
Meridian Capital Group’s Abe Hirsch, Moshe Majeski and Zev Karpel negotiated the loan.
“The property’s superior location in a high-growth market, as well as its quality construction and exceptional amenities, made this a very attractive asset for the borrower,” Hirsch said, in prepared remarks. “The lender also recognized the property’s intrinsic value and Meridian was able to negotiate a strong loan structure, despite not being completely stabilized.”
“We are confident that with a new business and leasing strategy, this well-located trophy asset will achieve its full leasing potential in a short timeframe,” Majeski added.
The property, located at 351 Sugarloaf Trail, is a 267-unit multifamily community in the Dallas/Fort Worth metro area. Its amenities include a clubhouse, a social room with shuffleboard, a theater, a fitness center, an on-site carwash and a resort-style pool and grilling areas.
A spokesman for J.P. Morgan Asset Management declined to comment.