Houston Community Receives $13M Refi
Northmarq secured the 10-year loan through its in-house Fannie Mae DUS team.
Aria at Bellfort. Image courtesy of Northmarq
Northmarq has arranged the $13.4 million refinancing of Aria at Bellfort, a142-unit mission-driven multifamily community in Houston.
Travis Fite, senior vice president of Northmarq’s Houston debt/equity team, negotiated the deal, securing the permanent-fixed loan through the firm’s internal Fannie Mae DUS team. The 10-year loan was structured with seven years of interest, followed by a 30-year amortization schedule.
Completed in 2021, the pet-friendly gated community encompasses one- and two- bedroom units ranging between 650 square feet and 1,001 square feet, according to the property’s website. Common-area amenities include a fitness center, covered and guest parking, as well as a business center. In-unit amenities consist of walk-in closets, balconies or patios, appliances, vinyl flooring and washer and dryer hookups.
Located at 7655 Bellfort St., Aria at Bellfort is close to the intersection of interstates 45 and 610 and Highway 35. Several dining options, entertainment venues and retail spaces including Lexington Square Shopping Center and Broadway Center are in the property’s proximity. Green areas such as Reveille Park, Robert C. Stuart Park and Glenbrook Park are within 2 miles from Aria at Bellfort. Hobby Airport is 1.7 miles away, while Harris Health Strawberry Health Center and Texas Children’s Hospital are a 20-minute drive away.
Northmarq recently secured debt financing for another Texas transaction, facilitating the sale of 14 properties totaling 4,455 units in the Dallas-Fort Worth and Houston metros.
