Dallas, TX (March 31, 2020) – Nicholas Residential LLC is pleased to announce the refinance of The Bellevue at Spring Creek property in Plano. This transaction takes out the acquisition loan with permanent financing to execute an additional phase of improvements at the community.
As part of this transaction, the firm gained additional proceeds, allowing for a reserve for future capital expenditure to further invest in the property.
“During a time of economic uncertainty, the refinancing of The Bellevue at Spring Creek provides a capital infusion and investment in quality of life for our residential community,” said Paul Panza, President and CEO of Nicholas Residential.
Additionally, the company is focused on preparing for continued uncertainty in the market and with unemployment. The firm will not proceed with non-critical capex projects at this time. The refinance will fortify the investment near-term, allowing us to continue business without interruption, an aspect that will benefit The Bellevue at Spring Creek above other less capitalized assets.
About Nicholas Residential
Nicholas Residential LLC
is a fully integrated, privately held real estate investment firm headquartered
in Dallas, TX. Nicholas invests alongside institutional and private clients in
value-add and opportunistic workforce apartment communities in major metropolitan
areas across the Sunbelt, with approximately $400 million of assets under
Nicholas Residential, in partnership with its wholly-owned subsidiary Bellevue Realty Management, strives to produce compelling risk-adjusted returns with current dividends while strengthening neighborhoods through a variety of community outreach and social development programs.
For more information please visit us at www.NicholasResidential.com.
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