The Block Apartments

The Block Apartments is a recently constructed, 396 unit,   Class A luxury apartment complex located in Richardson, Texas. The project also includes 27,000 square feet of retail space. An experienced TIC/1031 investment sponsor contracted to acquire the property while it was still in its initial lease-up phase. The apartments were 70% occupied and the retail space was 10% occupied at closing. Harbor Capital Group arranged a two-year, floating rate loan for $30,400,000 to acquire the property. The loan was approved and funded by the parent company of a major CMBS lender , which created a fixed-to-float program specifically for this deal .

Richardson, Texas	$30,400,000