Bolour offers financing for acquisition of affordable housing at Solaire Apartments in Dallas
Bolour Associates Inc., a privately-owned real estate investment, development, and finance company, and its affiliate, BAI Fund Manager (BOLOUR), have provided financing for the acquisition of the Solaire Apartments in Dallas, Texas. The 112-unit affordable housing community is located at 4753 Duncanville Road.
The quick closing by BOLOUR allowed the borrower to meet an end-of-year deadline for the acquisition while also maintaining the flexibility to secure permanent Housing and Urban Development (HUD) financing post-close. Represented by John Choi of Concord Summit Capital, the borrower was able to move forward with their long-term business plan to support the community’s affordable housing needs.
Constructed in 1989, the Solaire Apartments offer one- to three-bedroom units ranging from 663 to 1,059 square feet. The property is conveniently situated north of Interstate 20, east of Spur 480, and west of Highway 67, approximately 15 miles southwest of downtown Dallas.
BOLOUR’s debt platform draws on over 30 years of equity-side experience across various asset classes when evaluating loans. Recently transitioning its debt platform into a fund structure has allowed for quicker closings, more flexibility in terms of size and rates, and increased diversification for investors.
As an integrated real estate finance, investment, and development firm, BOLOUR specializes in investments in value-add assets in emerging and transit-oriented neighborhoods. Their portfolio includes urban infill land, retail, industrial, multifamily, and mixed-use properties. Providing borrowers with customized debt solutions featuring creative loan structures and swift closings is a hallmark of BOLOUR’s lending approach. Currently engaging in activities across 17 states and the District of Columbia, the company continues to expand its influence in the real estate market.
The acquisition financing for the Solaire Apartments underscores BOLOUR’s commitment to supporting affordable housing initiatives while showcasing its expertise in providing efficient and effective financing solutions for real estate projects. With a focus on speed, flexibility, and creativity in lending, BOLOUR is positioned as a key player in the real estate finance landscape.