Berkadia Arranges $21.75 MM Acquisition Loan for 250-unit Community in Midland, Texas

08 October 2018
Anatole on Briarwood

Berkadia has arranged $21.75 million in acquisition financing for Anatole on Briarwood, a 250-unit garden style community located in Midland. Senior Managing Director Tucker Knight and Director Nicholas Murphy of Berkadia’s Houston office arranged the loan on behalf of Olympus Property, a full-service multifamily investment and property management organization headquartered in Fort Worth.

Freddie Mac originated the 10-year, fixed-rate loan with five years interest only.

“As energy prices have displayed a stable trading range between $40 and $50 a barrel, the Midland economy has responded and the multifamily sector is reporting strong fundamentals,” said Murphy. “As a result of reemerging demand, in concert with seemingly manageable supply volumes, both occupancy and rent growth show positive momentum. In addition, due to the sponsor’s success on two previous transactions in this market, Freddie was able to provide a long term fixed-rate solution that was accretive to the borrower.”

Built in 2014, the property’s one-, two-, and three-bedroom units offer walk-in closets, washer/dryer, dishwasher, granite countertops, range, oven and garbage disposal. Community amenities include a business center, clubhouse, coffee bar, sundeck, TV lounge, fitness center and swimming pool.

Located at 5200 Briarwood Avenue, Anatole on Briarwood is situated in the Greathouse area of Midland. The community is located near important transit hubs and amenities. Bush Tennis Center is less than five minutes away, and Midland Park Mall is less than 10 minutes away with retail stores that include Coach, Oakley, Ulta, and Dillard’s. Midland Airpark is less than 15 minutes away, and Loop 250 is five minutes away, offering access into and out of Midland and the Midland International Air & Space Port.