National Asset Services has announced that the Alexis at Town East, a 224-unit, 222,916-square-foot, tenant-in-common (TIC), multi-family property, located approximately 20 miles east of downtown Dallas (Mesquite, Texas), has been successfully refinanced.
"Our relentless persistence in pursuing the best possible outcome for our clients and our expertise in resourcing key service providers has enabled us to deliver a successful refinancing option. It allows the original TIC ownership structure to remain intact, with all of its inherent tax advantages," commented Karen E. Kennedy, President and Founder of National Asset Services. "We'll continue to steadfastly focus our expertise on maximizing the Property's return on investment for our clients at Alexis at Town East."
According to their press release in PR NewsWire, the intricate process concerning the sale and purchase of five TIC co-ownership positions and four exchanges, was successfully managed by NAR and has resulted to the refinancing of 14 co-ownership interests in the property, while the co-owner group has managed to acquire a 10-year, commercial mortgage-backed securities note from Jefferies LoanCore located in Greenwich, CT.
"Karen E. Kennedy and her team at NAS have been dedicated and tireless in working toward the success of the properties in which we have invested," commented Joanne Jones, an Alexis at Town East Investor. "Regarding the complex refinancing of the Town East apartment complex, NAS has gone above and beyond what anyone could expect to make it happen. [Kennedy] has always been knowledgeable, hardworking and most importantly, accessible. When we have a concern or question, she is always available to address it. When your primary source of income is NAS property, this is extremely reassuring."
The property has maintained an average occupancy rate of over 94 percent, and distributions to co-owners averaged six percent each year ever since the National Asset Services assumed the position as the property's Asset Manager in 2009.
