Houston Partially Affordable Community Secures Refi

Stadia Med Main Apartments. Image courtesy of Yardi Matrix

Aspen Oak Capital Partners has secured a Freddie Mac Targeted Affordable Housing loan for the refinancing of Stadia Med Main Apartments, a 338-unit partially affordable community in Houston.

NewPoint Real Estate Capital provided the fixed-rate, flexible prepayment loan with a seven-year term and a 35-year amortization period. Meridian Capital’s Managing Director Barry Lefkowitz worked alongside NewPoint in securing the financing, representing the borrower.

The mortgage refinances the $60 million NewPoint Bridge Loan from 2022, that served the owner for the acquisition of the property. Wood Partners sold the community for $80 million, according to Yardi Matrix data. Stadia Med Main is subject to a 99-year unsubordinated net ground lease held by Houston Housing Authority. Under this arrangement, NewPoint designated half of the units as affordable.

Previously known as Alta Med Main, the four-story building incorporates one- and two-bedroom floorplans ranging between 495 and 1,264 square feet. Common-area amenities include a swimming pool, a fitness center, a business center, a clubhouse, a rooftop terrace, lounge areas, a dog park and approximately 417 parking spaces. Units feature washers and dryers, stainless steel appliances, walk-in closets and private balconies or patios.

Located at 9330 Main St. on a 4.2-acre site, the community is part of the Bellaire submarket. Texas Children’s Hospital, Rice University and Herman Park are within a 2-mile radius from the property.

Aspen Oak recently purchased Granary Flats, a 324-unit community situated within a 1,300-acre master-planned development in Richmond, Texas.