Cooper Glen | Denton, TX

National Asset Services successfully directed the revitalization and refinancing of Cooper Glen, a 240-unit multifamily property located near Denton, Texas. The successful outcome was the result of a 14 month process involving aggressive action and flawless execution of a multi-tiered strategic plan at all levels of management, marketing and legal resources.

The NAS lead turnaround required a significant increase in rental revenue, while minimizing expenses as well as reorganizing and consolidating the group of tenant-in-common co-owners into a new, limited liability company.  This reorganization was a critical step to gaining access to advantageous refinancing options due in part to institutional capital sources reluctant to finance highly leveraged TIC properties burdened by economic stress. “We ultimately were able to secure financing at one of the lowest interest rates we’ve seen in years,” commented Karen E. Kennedy, NAS President and Founder.  “The low financing cost, along with other favorable terms of the deal could potentially double the ROI for investors.   The Cooper Glen story further demonstrates to all owners of tenant-in-common properties facing distressed circumstances, that a successful outcome can be achieved when people with the right amount of expertise, experience and leadership get involved.  This particular group of owners were galvanized together and never lost their focus on the end goal.  Their commitment to the process was a large part of the success of this transaction.”

Upon assuming asset management responsibilities for the nearly 212,000 square-foot property, NAS addressed staffing, maintenance and marketing issues.  Within three months, occupancy levels increased from approximately 75% to over 90% and stabilized around 95% after one year.  Upon the recent closing of refinancing, loan to value had decreased substantially to the point of fully paying off the original loan, including closing costs, while allowing for a sizeable repair escrow for future use.