NORTHLAKE, TEXAS — Newmark has provided a $53.9 million Fannie Mae acquisition loan for Dry Creek Ranch, a 456-unit multifamily property in Northlake, located north of the metroplex in Denton County. Built on 29 acres between 2014 and 2017, Dry Creek Ranch features one-, two- and three-bedroom units and amenities such as multiple pools, a fitness center, clubhouse, business center, basketball court and a car wash station. Adam Randall, John Westby-Gibson and Drake Blodgett of Newmark originated the five-year, fixed-rate loan on behalf of the buyer, Denver-based Bow River Capital. Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware and Shelby Vosburg of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Western Securities, in the transaction and procured Bow River as the buyer.
Dry Creek Ranch in Northlake offers proximity to the corporate offices of four of the largest financial services companies in the country: Fidelity, Deloitte, TD Ameritrade and Charles Schwab.
Newmark Provides $53.9M Agency Acquisition Loan for Multifamily Property in Northlake, Texas
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