Colliers closes $16.5 million Fannie Mae loan for The Chandler in Grand Prairie

The Colliers Dallas debt and structured finance team of Robert Siddall, William Givens, Shawn Givens, and Ken Higgins closed a $16.5 million Fannie Mae loan for the acquisition financing of The Chandler in Grand Prairie, Texas, with their long-term client David Lilley and Reap Capital LLC. 

The market-rate property features 164 units. The loan was arranged through Colliers Mortgage and carries a five-year term and 35-year amortization.

Marcus & Millichap arranges metroplex hotel sale and financing

Marcus & Millichap announced the sale and financing of Courtyard by Marriott Dallas Grand Prairie, a four-story, 120-room hotel in Grand Prairie, Texas.

“Growing occupancy and average daily room rates throughout the Metroplex are drawing the attention of hospitality investors,” said Chris Gomes, senior managing director investments in Marcus & Millichap’s Dallas office. “The area’s strong economic growth, underscored by the large quantity of corporate move-ins during the pandemic, indicate a coming increase in business travel that bodes well for the hospitality industry overall.”

Gomes and Allan Miller in Marcus & Millichap’s Austin office represented the seller, Anderson Companies and procured the buyer, MCR Hotels. Pete Fehlman, managing director with Marcus & Millichap Capital Corporation in Dallas arranged acquisition financing.

The hotel is located between Dallas and Fort Worth along President George Bush Turnpike, near the intersection of Interstate 20 and Highway 161, 15 miles from DFW International Airport. Businesses nearby include Dallas Naval Air Station, Lockheed Martin Corp., Poly-America, Bell Textron Inc., Lear Grand Prairie, Forterra Pipe & Precast, and Flex-N-Gate Texas. Year-round entertainment, shopping and leisure are provided by Lone Star Park, Six Flags Over Texas, the Grand Prairie Premium Mall, and Ripley’s Believe It or Not. Constructed in 2021, the hotel’s guest amenities include an on-site restaurant, outdoor swimming pool, over 2,000 square feet of meeting space, a fitness center, and laundry facility.