Berkadia Secures $40.3M in Financing for Houston, Southwest Fort Worth Acquisitions
- Dec 18, 2014
The Austin office of Berkadia recently announced that it has helped secure a total of $40.3 million in financing for the acquisition of Thornbury Apartments in Houston and The Retreat at River Ranch Apartments in Southwest Fort Worth.
Berkadia Senior Vice President Andy Hill operated on behalf of borrowers AHC Thornbury Owner LLC and Mosaic Hillstone LP and helped obtain the following seven-year, floating-rate loans through Freddie Mac:
- A $29 million loan on behalf of AHC Thornbury Owner for the acquisition of Thornbury, which includes a sub-2.5 percent interest rate, three years of interest-only payments and a 30-year amortization schedule.
- An $11.3 million loan on behalf of Mosaic Hillstone for The Retreat at River Ranch Apartments that features a sub-2.5 percent interest rate, two years of interest-only payments and a 30-year amortization schedule.
Located at 7055 Hollister Road, Thornbury Apartments comprises 408 one-, two- and three-bedroom apartments. Residential amenities include a clubhouse, a fitness center, a basketball court, a resort-style pool and attached and detached garages. At the time of the acquisition, the apartment complex was 96 percent leased.
Located near the Chisholm Trail Parkway at Interstate 20 in Southwest Fort Worth, The Retreat at River Ranch Apartments consists of 248 one- and two-bedroom units. Residents can enjoy amenities such as a fitness center, a picnic area, a spa and a swimming pool. At the time of the closing, the asset was 94 percent leased.
“We are seeing a continued appetite for multifamily properties in Texas as we approach year end,” Hill said in an official statement. “Our team leveraged its longstanding relationship with Freddie Mac and on-the-ground market expertise to meet the borrowers’ needs and secure competitive loan terms.”
Image courtesy of Berkadia