Electra America has secured a $ 70 million refinance for Canopy on Central, a 706-unit community in Bedford, Texas, according to Tarrant County records. Grandbridge Real Estate Capital provided the 10-year Freddie Mac loan.
The new mortgage cancels an acquisition loan of nearly $ 67 million issued by Truist Bank in 2019, according to data from Yardi Matrix. Electra America had purchased the Class B asset from Starwood Capital Group.
Located at 2700 Central Drive, Canopy on Central offers one and two bedroom apartments with floor plans averaging 724 square feet. The community built in 1982 comprises 66 buildings spanning 33 acres of landscaped grounds.
The pet-friendly community includes a fitness and cardio center, five swimming pools with terraces, a clubhouse and business center, plus laundry facilities.
The property is within walking distance of the Central Drive shopping corridor, less than a mile from Bedford Trails Linear Park, with easy access to Texas State Highway 121. Dallas / Fort Worth International Airport is approximately 16 miles away to the northeast, while downtown Dallas is 23 km away.
Recently, also in the Dallas-Fort Worth market, Investcorp acquired two properties totaling 788 units in Irving, Texas. And earlier this month, Tides Equities continued to expand across the metroplex with the acquisition of four properties totaling 1,228 units. The business closed in less than a month.