Rialto Capital Lends $42M on Dallas Luxury Apartment Buy
By Andrew Coen March 16, 2022 11:22 am
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ShainRealty Capital has inked a $42 million debt package for its acquisition of a Dallas multifamily property, Commercial Observer has learned.
Rialto Capital Management provided the bridge loan, which carries a five-year term, for ShainRealty’s $51 million purchase of the 249-unit luxury apartment complex, called LBJ Station, from Alpha Barnes Real Estate. The Los Angeles-based real estate investment firm is planning $1.8 million of renovations and upgrades to the asset, which will be rebranded “Infinity on the Point.”
Chris Deuillet, a senior vice president at CBRE, brokered the transaction.
The deal marks ShainRealty’s second multifamily acquisition in Dallas’ Northwood Heights section after purchasing the 373-unit Reflections at Highpoint on 9010 Markville Drive for $46.3 million last year in which Arbor Realty Trust supplied a $40.6 million loan. That property has since been rebranded Infinity on the Mark.
“We had our eye on this asset ever since we had purchased our first property in Dallas,” Jonathan Shainberg, managing partner at ShainRealty, said in a statement. “In addition to the economies of scale we will achieve, it was an easy decision for us as the purchase price for this vintage had a very attractive basis compared to competing product.”
Located at 8997 Vantage Point Drive, the 2017-built property is near the headquarters of Fortune 500 company Texas Instruments. Its amenities include a 24-hour gym, a swimming pool, covered parking, a coffee bar, two dog parks and a sundeck.
Miami-based Rialto Capital declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
