By Adina Marcut
Greystone has provided a $36.4 million bridge loan for Ilan Investments’ acquisition of Parkside Place, a 384-unit community located in Spring, Texas. The two-year, floating-rate loan includes options for two six-month extensions. Ilan’s subsidiary Adara Communities will be managing the asset. According to data provider Yardi Matrix, Ilan bought the asset for $48.5 million, from Oden Hughes.
Located at 6220 FM 2920, near the new Exxon Energy Campus, the community is close to a variety of shopping, dining and entertainment venues, such as Walmart Supercenter, CVS Pharmacy, Starbucks, Target Mobile and T.J. Maxx. Completed in 2016, Parkside Place features one-, two- and three-bedroom units ranging from 525 to 1,400 square feet. The community had an average rental rate of $1,211 as of November.
The 13 three-story buildings offer in-unit amenities such as air conditioning, dishwasher, washer/dryer, patio or balcony and walk-in closets. Common area amenities include:
- business center
- poolside outdoor cabanas
- swimming pool with outdoor kitchen
- bocce ball
- billiard and shuffleboard tables
- conference room
- screening room with foosball and vintage arcade
- fitness center
- dog park with pet-wash station
The pet-friendly community was 96.1 percent occupied as of October. Greystone’s latest transaction in Texas was an $68.1 million CMBS loan to refinance the Vineyards at Forest Edge, Dallas’ largest multifamily property.
“Parkside Place is one of the nicest communities and provides some of the highest luxury living in the Spring marketplace. Ilan Investments has been one of the strongest buyers in Houston, taking advantage of the dislocation in the marketplace,” Donny Rosenberg of Greystone’s New York office, who originated the loan, said in a statement.
Image courtesy of Yardi Matrix