AIG Lends $45M on Dallas Apartment Complex Acquisition
By Cathy Cunningham August 14, 2019 1:15 pm
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Beachwold Residential has scored a $45 million loan for its acquisition of The Austin at Trinity Green, an apartment community in Dallas, Texas, Commercial Observer has learned.
AIG provided the fixed-rate financing in a transaction arranged by Cooper-Horowitz’s Justin Horowitz, Nick Barbato and Jeff Bijur. The deal closed last week.
Beachwold, led by CEO Gideon Friedman, controls 57 properties and 15,000 multifamily units in Connecticut, Texas, Florida, Georgia, Virginia, Maryland, New Jersey and Tennessee, according to its website. It purchased The Austin at Trinity Green from Stonelake Capital Partners for $60 million, sources said.
The 355-unit asset, located at 1212 Singleton Boulevard, was built two years ago. Its amenities include a resident lounge, an infinity pool, an outdoor dining area with grilling stations, a fitness center, a one-acre park and electric car charging stations.
The developer and owner made another $60 million purchase in December, buying the 470-unit Hibiscus Springs Rental Homes property in Hernando County, Fla., as reported by The Real Deal.
Officials at AIG and Beachwold Residential did not return a request for comment. Cooper-Horowitz officials declined to comment.
