We are seeking financing for the acquisition and repositioning of a 100-unit multifamily asset in Fort Worth, Texas known as The Nolan.
This is a distressed acquisition out of receivership, which is the primary driver behind the below-market purchase price. The property was foreclosed in 2025 and is being liquidated by the lender, creating an opportunity to acquire below value.
We are requesting a total loan of $8.6MM, inclusive of acquisition, renovation, and interest reserves.
Or a New 2nd Loan for $800,000 behind $5,750,000 new first.
Loan Request
• Total Loan Amount: $8,600,000
Use of Funds:
• $7,600,000 – Acquisition
• $1,000,000 – Renovation Budget ( Control Fund )
• 12 Months Interest Reserve (built into structure)
Structure:
• Interest-only
• No monthly payments during renovation (interest reserve in place)
• 12–24-month bridge term
• Exit via refinance
Property Overview
• Property Name: The Nolan
• Units: 100
• Year Built: 1968
• Current Occupancy: ~63%
• Located in Fort Worth, TX – established multifamily submarket
The asset is currently underperforming due to prior ownership distress, deferred maintenance, and below-market rents.
Valuation
• As-Is Value: ~$10.5MM
• Stabilized Value (ARV): ~$13.5MM
Financial Overview & Business Plan
Current Position
• Occupancy: ~63%
• Rents: Below market
• Operations: Inefficient / mismanaged
Renovation Plan
• ~$1,000,000 renovation budget
• Interior upgrades + operational improvements
• The property is currently operating with owner-paid utilities, including electricity and water/sewer. The business plan includes implementing a RUBS program and transitioning certain utilities to tenant responsibility, consistent with comparable properties in the submarket.
• Target Occupancy: ~88%
• Projected NOI: ~$875K+
• Cap Rate: ~6.5%
This supports the projected stabilized value of ~$13.5MM.
Leverage Metrics
• Loan-to-As-Is Value: ~82%
• Loan-to-Stabilized Value: ~64%
Borrower Profile
• Experienced real estate investor
• Portfolio includes 200+ multifamily units in Texas
• Proven track record in repositioning distressed assets
