ACORE Capital Lends $43M on American Landmark Multifamily Acquisition in Texas
American Landmark Apartments has landed a $42.6 million senior mortgage for its acquisition of Shelby at Northside, a 300-unit multifamily community in Fort Worth, Texas, Commercial Observer has learned.
ACORE Capital provided the five-year loan.
The property — at 1852 East Northside Drive in Fort Worth — comprises two buildings. American Landmark purchased the asset from Talos Holdings for an undisclosed amount.
ACORE had familiarity with the asset, having previously provided Talos with $48 million in development financing for the property.
“We made the construction loan to the seller. So, when the property was put up for sale, several parties contacted us to see what our take was, because we were very familiar with it,” Tony Fineman, a managing director and head of East and Midwest region originations at ACORE, told CO. “Ultimately [American Landmark] signed a contract to purchase the asset, and while they went out to the broader market [for financing], it made the most sense to work with us on this transaction.”
Built in 2018, Shelby at Northside features studio, one- and two-bedroom units. Property amenities include a swimming pool, a clubhouse, a fitness center and a dog park.
“It’s a Class A property in the luxury apartment realm, it’s very well located, and we really liked the sponsorship,” Fineman continued. “American Landmark owns and operates a number of multifamily properties, including several in the state of Texas.”
And, while multifamily has proven to be one of more resilient asset classes through the coronavirus pandemic, ACORE’s deal approach continues to be largely driven by sponsorship, basis and location, Fineman said. “Making sure you’re in the right location has always been a big part of analyzing commercial real estate, but it’s even more important today. So, while we’re bullish on multifamily, like a lot of others also are, we’ll continue to target the best assets in the right markets.”