New Owners Secure $25M Refi for Little Rock Apartments

Transcontinental Realty Investors' and Abode Properties' property consists of 260 units and is fully leased at market rates. The community was acquired in 2016.

Metropolitan ApartmentsTranscontinental Realty Investors and Abode Properties have obtained about $25.5 million in refinancing for the Metropolitan Apartments in Little Rock, Ark. The property consists of 260 units, featuring one- and two-bedroom apartments, and is fully leased at market rates.

Common amenities include two resort-style pools, courtyards, a recreation and billiards room, 24-hour fitness center, Internet coffee café, as well as garage parking and onsite security. Each unit features granite countertops, alarm systems, walk-in closets and full-sized washer and dryers.

Evan Hom, managing director in Pillar’s New York office, originated the fixed-rate, 35-year term HUD loan with a 35-year amortization schedule. Pillar, a division of SunTrust Bank, is a direct lender for multifamily, manufactured housing and healthcare properties.

Abode Properties acquired the property in mid-2016 when it assumed the previous HUD-insured loan associated with the apartments. “We continue to add assets in those select markets with the strongest potential,” noted Abode Properties president and CEO Daniel J. Moos.

Transcontinental is a value-add specialist focusing on apartments, office buildings, warehouses and retail centers that are undervalued or underperforming at the time of acquisition. Abode Properties is a Dallas-based subsidiary of Transcontinental.

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