880 LYN - Senior Loan Request
LaPaul Partners has been retained by the owner as the exclusive agent to arrange permanent debt financing for 880 LYN, a recently completed, transit-oriented, luxury multi-housing community located in Irving, Texas. 880 LYN, which contains 293 apartment homes, is centrally located between Dallas and Fort Worth in the internationally recognized master-planned community of Las Colinas. The property sits on the banks of Lake Carolyn in the heart of the Urban Center, known as the business center of Las Colinas and anchored by the Irving Convention Center and the Toyota Music Factory.
The owner, an affiliate of HGC Investment Management, is a private equity investment group with over $2 billion in assets under management (AUM). HGC has been involved with this asset since construction commenced as a joint venture partner with the developer. In 2023, they acquired 100% of the project’s ownership interest.
To facilitate the refinancing of the property, the owner is seeking a non-recourse, 60% LTV, 5-year, fixed-rate mortgage in the amount of $54 million, equating to $184,300 per unit. This loan offers a debt yield of 7.92% for the initial year and 11.08% at maturity.
Investment Highlights
- Prime Location within one of the DFW’s most dynamic submarkets, Las Colinas
- Distinctive Site overlooking Lake Carolyn in the heart of the Las Colinas Urban Center
- Great Connectivity provided by five nearby major highways allowing convenient access throughout DFW
- Proximity to Major Employment Centers like DFW International Airport, the state’s largest employment generator
- Strong Demographics ranking the immediate area as one of the top 20 wealthiest zip codes in DFW
- Transit Oriented Development with DART providing light rail service to & from the Las Colinas Urban Center
- Institutional Quality Trophy Asset featuring climate-controlled corridors, elevators, a seven-story parking garage
Property Summary
Street Address
City, County, State, Zip
School District
Number of Units
Net Rentable Area
Average Unit Size
Year of Completion
Site Area
Zoning
Indicated Density
Offering Summary
Stabilized NOI
Loan Amount
Debt Yield
Features & Amenities
Community Amenities
- Resort-inspired pool with tanning decks and cabanas
- Courtyard featuring outdoor kitchen, grilling station and fire pit
- Resident activity center containing game room, demonstration kitchen, & private dining room
- Bar & wine tasting lounge
- 2-story fitness studio with weights, cardio equipment, & yoga/spin area
- Cyber cafe
- Complimentary gourmet coffee bar
- Executive business center offering private conference rooms & coworking spaces
- Multi-level parking garage with private garages available
- Dog grooming station
- Floating lakeside dock
- Direct access to the 2.8-mile Lake Carolyn Promenade
- Convenient to Campion Trail, a 22-mile hike & bike trail traveling through Irving
- Bike & kayak storage
- Four elevators
- 24-hour Parcel Pending package system
- Self-service mini convenience market
- Latch smart access control system for both homes & common areas
- Trash chutes conveniently located on each floor
Apartment Amenities
- 10′ Ceilings
- Open-concept layouts
- Tray ceiling in the living areas
- 48″ wall cabinets in the kitchen
- Gourmet kitchen Islands with USB outlets
- Sleek granite countertops in kitchens & baths
- Undermount sinks, contemporary hardware, & finishes
- Polished stainless-steel appliances
- Designer backsplash with under cabinet lighting
- Wine refrigerators*
- Hardwood-inspired plank flooring
- Nest Wi-Fi-enabled smart thermostats
- In-home washer & dryers
- Large wall picture frame mirrors & upgraded lighting
- Double-vanity sinks*
- Glass enclosed walk-in showers*
- Oversized walk-in closets
- Built-in shelving
- Picturesque views overlooking Lake Carolyn*
- Private patios or balconies
*In Select Homes
Photo Gallery
More Information
To obtain a complete offering memorandum, or you have any questions or need additional information, please contact LaPaul Partners, Exclusive Representative by calling the number below or by sending us a private message.