December 21st 2015: Robb Capital announces it has closed a $7,375,000 loan (two multifamily properties cross collateralized as one loan) located in the Dallas, TX Metro Area.
Property Names: Mountain Creek View Apartments & Highland Hills Apartments (cross collateralized as one loan).
Address 1: Mountain Creek View Apartments, 5821 Bonnie View Road, Dallas, TX, 75241
Address 2: Highland Hills, 5722 Highland Hills Drive, Dallas, TX, 75241
Loan Amount: $7,375,000
Negatives: Old HUD restriction in place, needed to engage HUD legal counsel to remove and record cloudy title on new acquisition. Had to also engage local TX attorney to request a quitclaim to provide clear title insurance and ownership. There was also a previous landlord who mismanaged the property.
Positives: All HUD restrictions were cleared and recorded, while clear title was provided. Cost efficiencies with two multifamily properties situated near one another. $200,000 in immediate repair funds, and $600,0000 to be released in 6 months for balance of long term repairs. Additionally, there is 100% cash out on Mountain Creek after 10+ months, and a large upside potential with higher occupancy along with new management in place.