Newmark Arranges $53.9M Fannie Mae Loan for Bow River Capital's Acquisition of Dry Creek Ranch in Northlake, Texas
Newmark has arranged $53.9 million in Fannie Mae acquisition financing for Bow River Capital's purchase of Dry Creek Ranch, a 456-unit multifamily community located at 13861 Raceway Drive in Northlake, Texas, the firm announced Sept. 21.
Bow River Capital acquired the asset from Western Securities through its BRC Multi-Family Dislocation Fund. Newmark Vice Chairman Adam Randall, Managing Director John Westby-Gibson and Vice President Drake Blodgett arranged the financing on behalf of the buyer.
Loan Structure and Lender Relationship
The Fannie Mae loan carries a five-year term at a fixed rate and is structured as full-term interest-only. The transaction represents the fourth Fannie Mae loan Newmark has originated for Bow River Capital, extending a multi-year agency lending relationship with the Denver-based sponsor.
"Agency debt remains available and competitively priced for well-located, cash-flowing multifamily in high-growth markets, and our team continues to deliver it at scale for our clients," said Randall. "In today's market, execution speed and rate certainty are critical. Newmark's ability to lock the rate early allowed the sponsor to fix its cost of capital amid a volatile interest rate environment."
Property Overview: Dry Creek Ranch
Dry Creek Ranch is a garden-style multifamily community built in two phases in 2007 and 2014, comprising one-, two- and three-bedroom residences with an average unit size of approximately 927 square feet. The property sits on roughly 29 acres and features multiple swimming pools, a fitness center, a clubhouse, a business center and recreational facilities, along with a playground, basketball court and car wash station.
The community is positioned near the intersection of Interstate 35W and State Highway 114 in the AllianceTexas corridor of the Dallas-Fort Worth metroplex, with proximity to Charles Schwab's regional headquarters, Fidelity Investments' Westlake campus and DFW International Airport.
Bow River Capital's Investment Strategy
Bow River Capital acquired Dry Creek Ranch through its BRC Multi-Family Dislocation Fund, which targets existing, cash-flowing apartment communities across growth-oriented Midwest and Southwest markets.
The firm cited the property's location in a rapidly expanding North Texas submarket, its basis relative to replacement cost and the potential for targeted value-enhancement initiatives as key factors in the acquisition. Bow River Capital plans to pursue selective amenity, common-area and interior upgrades while maintaining the community's attainable rent positioning.
Dallas-Fort Worth Multifamily Market Context
According to Newmark Research, Dallas-Fort Worth's multifamily fundamentals have been supported by sustained population and employment growth. The metro has added more than 643,000 jobs since 2019 and now exceeds 8.5 million residents. A decline in new apartment deliveries, combined with elevated homeownership costs, has continued to support demand for existing multifamily assets across the region.
The AllianceTexas corridor where Dry Creek Ranch is located has seen significant growth tied to logistics, corporate employment and residential expansion, positioning workforce housing assets in the area as targets for institutional capital pursuing attainable-rent strategies.
Newmark Group, Inc. (Nasdaq: NMRK) reported revenues of more than $3.6 billion for the twelve months ended June 30, 2026, and operates from more than 195 offices with over 10,000 professionals across four continents.