Closed Loans

Progress Capital Arranges Acquisition Financing For Crossings At Lake Highlands in Dallas, TX

Abe Mann, Managing Director of Progress Capital secured an $8,050,000 acquisition loan for RFM Property Group to purchase Crossings at Lake Highlands, a multifamily rental property located in Dallas, Texas.

The property was acquired for $9,625,000 and contains 98 rental units spanning over 72,000 SF of space. Amenities include gated access, sundeck with large swimming pool complete with gourmet outdoor kitchen, barbeque and coffee bar, as well as a dog park. The sponsors plan to conduct extensive renovations to both the interior and exterior, with new high-end kitchens and bathrooms, plus installation of new windows and siding.

Abe secured acquisition and renovation financing at 78% LTC from a national debt fund, priced at Libor+3.85%, 3-year term plus two 1-year extension options, Interest Only and Non-Recourse for duration of the loan. With flawless execution, the term sheet was issued in 24 hours and loan closed in 45 days to meet the borrower’s PSA timeline.

The property is situated in a prime location near Interstate 635 in the Lake Highlands neighborhood of Dallas. Nearby restaurants, shopping centers, parks and public transportation provide residents easy access for enjoying all that Dallas has to offer. With Dallas’s vibrant urban core to the south and rapidly growing suburbs like Plano and Frisco to the north, Lake Highlanders get to enjoy the best of both worlds.

Progress Capital is a mortgage brokerage firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans.  With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market.

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