Bridge Investment Supplies $61M Acquisition Loan on Texas Apartments – Commercial Observer - 24line

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الأربعاء، 12 أكتوبر 2022

Bridge Investment Supplies $61M Acquisition Loan on Texas Apartments – Commercial Observer

Impex Capital Group has landed $60.8 million of acquisition financing to purchase a multifamily property in the Dallas-Fort Worth region, Commercial Observer has learned.

Bridge Investment Group provided the senior loan for Impex’s acquisition of The Harmony Apartments, a 616-unit multifamily property in Arlington, Texas.

StackSource, an online commercial real estate platform, arranged the transaction with a team led by Beth Mercante, a senior managing director, and Zach Wagner, a senior director. 

“As a commercial real estate professional with over 30 years of experience in the industry including investment sales, development and finance, I’ve never before had the ability to manage a pipeline of deals like I can now with the StackSource platform,” Mercante said in a statement.

Prior to arriving at StackSource in 2019, Mercante worked for George Soros Quantum Group of Funds on acquisitions and asset management. She also previously worked at AIG Global Real Estate Investment Corporation in its mortgage finance and asset management divisions

Ash Shah, president and CEO of Impex, said working with StackSource “streamlined the financing process” on this deal as well as other acquisitions it recently completed. 

Impex also worked with StackSource on a $42.8 million bridge loan it received from Lument in January to acquire The Grand at Stone Creek, a luxury multifamily property in San Marcos, Texas, near Austin. 

Manhattan-based StackSource was founded in 2017 and recently surpassed $1 billion of transactions. It started by focusing primarily on serving smaller borrowers underserved by traditional commercial mortgage brokers, but has recently expanded its capital advisory team to target larger real estate investors. 

Representatives for Bridge Investment Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com 

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