MESQUITE, Texas, Nov. 18, 2021 /PRNewswire/ — National Asset Services (NAS), one of the Country’s leading commercial real estate companies, successfully delivered a buyer for Alexis at Town East, a 224-unit, multifamily community located approximately 13 miles northeast of downtown Dallas. The sale of the property resulted in a cumulative return of 270% for investors who originally purchased the property as a group of tenants-in-common (TIC) owners in January 2006.
The tremendous return on the co-owners’ investment can be attributed, in large part, to a decision made by the group in 2016 to refinance rather than sell the property at time when market conditions were not favorable.
As the maturity date of the original loan approached in January 2016, NAS executives presented options that included refinancing the property and extending the hold period until market conditions improved. The NAS team then worked with co-owners to refinance the property while securing a capital resource to finance the TIC-structured property, with favorable terms, at a time when capital markets were resistant to financing properties that consisted of multiple co-owners.
Refinancing the asset also presented a major challenge as some co-owners preferred to sell rather than extend the investment holding period. Capital sources required a guarantor for each property ownership position. With procedural guidance from the NAS team, three Town East investors stepped forward as guarantors, satisfying these lending requirements. Click to read more at www.inforney.com.