Houston Community Lands $11M Refi
The sponsor obtained a Fannie Mae mortgage to refinance this 300-unit community which sustained no damage in the wake of Hurricane Harvey.
By Alex Ciorogar
Hunt Mortgage Group has secured a $11.1 million Fannie Mae conventional mortgage to refinance Pine Creek Apartments in Houston. Hunt worked on behalf of the owner, Elandis.
“The borrower is a seasoned commercial real estate investor with a proven track record in real estate ownership, development and property management,” said Keith Morris, vice president of Hunt Mortgage Group’s Atlanta office, in prepared remarks. “This refinance comes on the heels of a successful 17-month repositioning of the asset by Elandis.”
Located at 470 Maxey Road, the 300-unit community was purchased by Elandis in February 2016. “This financing is a testament to the value added to the asset in a matter of months,” said Ted Lawson, Elandis COO, in a prepared statement.
Amenities include two outdoor swimming pools, playground, three laundry facilities, sport court and a clubhouse/leasing office. In the wake of Hurricane Harvey, Pine Creek Apartments sustained no flooding to unit interiors.
Image courtesy of Yardi Matrix