Nitya Refinances 432-Unit Dallas Rental Property
Nitya Capital refinanced Interlace Apartments, a 432-unit multifamily community in Dallas, Texas, with Morgan Stanley. Nitya secured new institutional financing for the Interlace property at a double-digit debt yield, reflecting the substantial operating income and value created since its acquisition.
Recent media reports had identified Interlace as one of three Dallas–Fort Worth properties facing potential foreclosure. Interlace has now been successfully refinanced.
Nitya deferred substantial fees otherwise payable to the firm, contributed additional sponsor capital where required, and funded equity into multiple refinancings to safeguard its assets and investor capital.
The Interlace refinancing involved additional complexity due to the property’s Public Facility Corporation (PFC) structure.
Nitya has executed approximately $1.5 billion of refinancings and major debt repayments, including a $700 million refinancing with Citi, a $218 million refinancing with Argentic, and the repayment of a $400 million Capital One credit facility.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout