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| The Mark at Weatherford Apartments, a 355-unit Class A multifamily property in Weatherford, TX |
DALLAS, TX – Nova Capital, a Los Angeles-based real estate capital advisory firm, has secured a combined $55.85 million in financing on behalf of Darwin German Real Estate, a full service real estate investment firm that specializes in multifamily investments, for the acquisition of The Mark at Weatherford Apartments, a 355-unit Class A multifamily property in Weatherford, Texas.
The financing,
arranged by Nova Capital Managing Director and Founder, Steven
Yazdani, comprises a $37.85 million Fannie Mae senior
loan from Walker & Dunlop and $18 million in preferred equity from Tryperion Holdings.
“Despite the
headlines, appetite from capital providers for high-quality multifamily product
remains strong, especially in high-growth markets such as Dallas-Fort Worth,”
says Yazdani.
”The DFW
metroplex is leading the nation in job growth with 650,000
new jobs added in 2023.
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| Steven Yazdani |
“Our team ran a
rigorous competitive process and presented several robust financing options,
even amidst challenging market conditions,” Yazdani continues.
“In this case,
Darwin German – a long-time Nova Capital client with whom we have a strong,
trusted relationship – is an experienced owner who is nimble and responsive,
with a clear business plan focused on value-add and yield-based investment
opportunities.
"By identifying multiple sources of debt
and equity, the Nova Capital team was able to create a capital stack that met
the client’s needs for this acquisition.
"We ultimately selected Tryperion’s
preferred equity execution, as their prior experience going behind agency
senior loans ensured certainty of close in an accelerated time frame.”
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| Darwin German |
Built in 2021,
The Mark at Weatherford is 94% occupied and is situated on an 11.50-acre parcel
adjacent to Weatherford College. Located at 172 College Park in Weatherford,
TX, the apartment community offers a mix of one, two, and three bedroom floor
plans with a host of modern amenities, including community BBQ/picnic areas,
resort-style pool, business center, dog park, and fitness center.
“As specialists
in the Dallas/Fort Worth Metroplex since 1991 and owners of more than 2,100
units in the region, our team immediately recognized the value in acquiring
this well-located, stabilized asset on behalf of our investors and, given
current market conditions, we were able to acquire this asset at well below
replacement cost,” says Darwin German, President of Darwin German Real
Estate.
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| Jeffrey Karsh |
German notes that “The Mark at Weatherford is well-positioned to benefit from rising renter demand as a result of this exponential growth.”
“Our firm
approaches every investment with an ‘investor-first’ mindset,” says German. “We
see this asset as an opportunity to harness the power of the massive migration
the DFW metroplex has garnered over the past decade while also benefiting from
long-term ownership of this stable, cash-flowing Class A asset. In keeping with
this strategy, we are actively seeking additional acquisition opportunities in
the Dallas multifamily market.”
“We are excited
to partner with Darwin German Real Estate and Nova Capital on this
acquisition,” says Jeffrey Karsh, managing partner and founder of
Tryperion Holdings.
“Our experience
providing preferred equity behind both Fannie Mae and Freddie Mac agency senior
financing allowed us to close this transaction quickly and seamlessly in a
challenging market environment. Tryperion is continuing to actively deploy
preferred equity, in addition to its senior financing and JV equity solutions.”
CONTACT:
David Ebeling
Ebeling Communications
949.861.8351
949.278.7851 (Cell)
Member of the National Association of Real
Estate Editors (NAREE)
“PR Strategist for the Commercial Real Estate
Industry: I do what I love and love what I do.”
