Progress Capital Arranges $8M Acquisition Loan for Dallas Apartment Complex
DALLAS — New Jersey-based mortgage banking firm Progress Capital has arranged an $8 million acquisition loan for Crossings at Lake Highlands, a 98-unit apartment complex in the Lake Highlands area of Dallas. The property offers amenities such as a pool, outdoor kitchen, coffee bar and a dog park. Abe Mann of Progress Capital placed the nonrecourse loan, which was structured with a three-year term plus two one-year extension options and a 78 percent loan-to-cost ratio, through a national debt fund. The borrower, RFM Property Group, plans to implement a capital improvement program.