
The Refinancing Deal
Stillwater Capital, a prominent real estate investment firm based in Dallas, has secured $55.3 million to refinance Crystal Springs. This substantial amount of capital is a testament to the financial health and strategic value of the property. Affinius Capital, a leading provider of real estate financial solutions, played a crucial role in making this deal possible.
The Property: Crystal Springs
Crystal Springs is a prestigious multifamily complex located in downtown Fort Worth’s vibrant River District. It boasts two six-story buildings featuring a range of units from studios to two-bedroom apartments. The property is situated centrally along the West Fork Trinity River, offering residents easy access to walking trails, local restaurants, and retail outlets. Additionally, its proximity to Lockheed Martin and the Naval Air Station Joint Reserve Base adds to its appeal as a prime location.
Historical Context
Crystal Springs officially opened its first building in 2023 and has now completed the second building, which opened earlier this month. This timely completion aligns with the growing demand for upscale living spaces in the area. The multifamily segment has witnessed significant growth, driven by factors like urbanization and the need for community-oriented housing solutions.
Financing Details
Affinius Capital's involvement in the refinancing deal underscores their commitment to long-term relationships with high-quality assets like Crystal Springs. Tom Burns, managing director at Affinius Capital, expressed his firm's appreciation for the opportunity to continue supporting a valuable property. He highlighted the property’s strategic location as a key factor in its success.
Why Crystal Springs Stands Out
Location Advantage
Crystal Springs benefits from its prime location in the River District of Fort Worth. The proximity to major employers like Lockheed Martin and the Naval Air Station Joint Reserve Base provides residents with job opportunities and an enhanced quality of life. The nearby West Fork Trinity River adds an element of natural beauty and recreation opportunities, making it an attractive living space for families and professionals alike.
Amenities Galore
One of the standout features of Crystal Springs is its comprehensive list of amenities designed to enhance residents' living experience. These include an outdoor pool, a dog park, and a speakeasy. Such amenities not only differentiate the property from others but also contribute to its market value and desirability.
Market Trends
Multifamily properties like Crystal Springs continue to thrive due to rising housing demands and urban growth. Investors are increasingly seeking properties with strong potential for long-term growth, excellent locational advantages, and high-quality amenities.
The Future of Multifamily Housing
Multifamily housing remains a dynamic sector, driven by factors such as demographic shifts, technological advancements, and economic trends. Projects like Crystal Springs not only provide a solution to housing needs but also contribute to the local economy by creating jobs and stimulating investment.
FAQs
1. What is Crystal Springs?
Crystal Springs is a 387-unit multifamily complex located in downtown Fort Worth’s River District.
2. Who provided the financing for Crystal Springs?
Affinius Capital provided the $55.3 million in refinancing for Crystal Springs.
3. What are some key amenities at Crystal Springs?
Key amenities include an outdoor pool, a dog park, and a speakeasy.
4. When did Crystal Springs originally open?
Crystal Springs opened its first building in 2023.
5. What is unique about Crystal Springs' location?
Crystal Springs is centrally located near major employers like Lockheed Martin and the Naval Air Station Joint Reserve Base, with access to walking trails along the West Fork Trinity River.
Data Points
Number of Units: 387 units.
Refinancing Amount: $55.3 million.
Property Location: Downtown Fort Worth’s River District.
Completion Year of First Building: 2023.
Completion Year of Second Building: 2024 (initial month).
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