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Nitya Capital refinances Interlace Apartments in Dallas
The refinancing with Morgan Stanley was completed after Interlace was flagged by media as one of three D-FW properties that could face foreclosure.
Nitya Capital has refinanced Interlace Apartments, a 432-unit multifamily property in Dallas, Texas, securing new institutional financing from Morgan Stanley, ConnectCRE said.
The outlet added that the deal achieved a double-digit debt yield tied to the property’s operating income and the value created since Nitya’s acquisition. ConnectCRE also noted that media reports had previously identified Interlace as one of three Dallas-Fort Worth properties facing potential foreclosure, and that the refinancing has now been completed successfully.
ConnectCRE said Nitya deferred substantial fees otherwise payable to the firm, contributed additional sponsor capital when required, and funded equity into multiple refinancings to protect its assets and investor capital. The outlet also said the Interlace refinancing was more complex due to the property’s Public Facility Corporation, or PFC, structure.
ConnectCRE further said Nitya has executed about $1.5 billion in refinancings and major debt repayments, including a $700 million refinancing with Citi, a $218 million refinancing with Argentic, and repayment of a $400 million Capital One credit facility.