Newmark Arranges $53.9M Fannie Mae Acquisition Loan for Northlake Apartment Community

Newmark has provided a $53.9 million Fannie Mae acquisition loan for Dry Creek Ranch, a 456-unit apartment property in Northlake, a town north of the Dallas-Fort Worth metroplex in Denton County. The community sits on 29 acres and was built between 2014 and 2017.

The property offers one-, two- and three-bedroom units along with multiple pools, a fitness center, clubhouse, business center, basketball court and a car wash station. Newmark's Adam Randall, John Westby-Gibson and Drake Blodgett originated the five-year, fixed-rate loan for the buyer, Denver-based Bow River Capital.

Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Western Securities, and also brought Bow River in as the buyer. The asset's location near the corporate offices of several large financial services firms is cited as a draw for renters.

For lenders and investors, the deal shows agency debt continuing to support stabilized suburban multifamily acquisitions in the Dallas-Fort Worth area, with a fixed-rate structure giving the buyer payment certainty over the initial term.