Lightstone Capital Provides $28.5 Loan for Azul Apartments in Dallas
Lightstone Capital, Lightstone’s real estate debt platform, announced today it has provided a $28.5 million senior bridge loan to the owners of Azul Apartments in Dallas, TX.
Lightstone Capital provides sponsors with flexible, creative, and immediate financing solutions. Loans range in size from $5 million to more than $50 million and are secured by real estate assets located in gateway markets.
The loan for the 362-unit, garden-style multifamily complex in northeast Dallas enables the owner, Azul Multifamily DE LLC, to refinance the property and continue renovations during a challenging economy. The property sits on a 9.28-acre parcel and includes 20 three-story apartment homes, three swimming pools and 470 parking spaces. It is currently 92 percent occupied.
Built in 1983 and recently updated, the property is located in the Lake Highlands submarket, near the intersection of Highway 635 and Audelia Road, 12 miles from downtown Dallas. It provides great accessibility to employment centers around Dallas.
“The owners sought to move quickly to secure the refinancing and Lightstone was able to step in and complete it with no delays,” said Eugene Rozovsky, Senior Managing Director of Lightstone Capital. “Our flexibility and timeliness with a first-time borrower will support the continued improvement of a well-positioned workforce housing asset in a growing market.”
Jeff Amos of the ownership group noted the project required a bridge-to-bridge solution in a turbulent debt market. “We had open insurance claims and operational issues that called for a deep dive by a lender that could understand the underlying situation,” he said. “Lightstone’s flexibility and quick turnaround while maintaining proper controls will enable both of our teams to succeed. We now feel that we have a lending partner that will enable us to enact our full business plan.”
The owner acquired the property in 2019, with the unit mix offering 15 different floor plans consisting of 328 one-bedroom-one-bathroom units, and 34 two-bedrooms-two-bathroom units. The owner has completed the restoration of approximately 130 units and plans are for an additional 30 units to be renovated.
“Lightstone provided the borrower with competitive bridge financing that will allow them to complete their business plan and stabilize the asset,” said Thomas Wayda of Greystone, who arranged the financing on behalf of Azul Multifamily.
Lightstone Capital is Lightstone’s real estate debt platform, providing sponsors with flexible, creative, and immediate financing solutions. Launched in 2018, Lightstone Capital has invested over $850M in debt transactions. For more information, please visit:
Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 26 states across the country, developing, managing, and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 174 existing properties, Lightstone’s over $7.5 billion portfolio currently includes over 10.4 million square feet of industrial, logistics, life sciences, and commercial properties, over 22,700 residential units, and over 4,300 hotel keys. Lightstone’s development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.
