Capital One Closes $28M Refi Loan for Houston Community
- Feb 28, 2017
Houston—Capital one announced it provided a $27.5 million Fannie Mae adjustable-rate loan to refinance The Retreat at Riverstone community in Sugar Land, Texas. The loan will be used to pay off the construction debt and provide a partial return of equity. Clay Wright, senior vice president in the Houston office of Capital One’s Commercial Real Estate Group, originated the transaction. The 10-year loan features one year of interest-only payments and amortization on a 30-year schedule.
Located at 18545 University Blvd., the 249-unit LEED Green Building certified community was completed in 2015 and is currently at a 94.4 percent occupancy rate, according to Yardi Matrix. The community includes one-, two- and three-bedroom floor plans, in-unit features include granite countertops, stainless steel appliances, dual sinks in master bedrooms, walk-in closets, garden tubs, plank wood flooring, full-size washer/dryers, vaulted ceilings and private balcony/patios. Apartment sizes range from 633 to 1,691 square feet. Residents have access to amenities such as a fitness center, business center, clubhouse, swimming pool with a cabana, concierge services, 374 parking spaces, enclosed garages for townhouse units, outside storage, a billiards area, resident lounge cyber cafe with Wi-Fi access, valet trash service and two onsite dog parks with pet fountains.
“This transaction highlights the strength of our relationship model. We have the capacity to provide a variety of financing solutions at each step of a project’s evolution,” said Wright. “In this case, because we provided the construction financing, we were able to underwrite and size the Fannie Mae loan well in advance of the property’s rent roll stabilizing. As a result, we were able to schedule closing within a month of stabilization.”
Image courtesy of Yardi Matrix