Communities at Willowick Park in Houston Obtains $92M Refi

The portfolio consists of three buildings, including the 325-unit Aria at Willowick Park; the 189-unit Olympia at Willowick Park; and Townhomes at Willowick Park, with 38 units.

Aria-At-Willowick-ParkHouston—The owner of the Communities at Willowick Park, a 552-unit apartment community in Houston, obtained a $92 million loan to refinance the property. Fannie Mae provided the 10-year, SARM loan that was used to retire the original construction loan.

The Communities at Willowick Park consists of three multifamily buildings, all managed separately. They include Aria at Willowick Park, with 325 units; Olympia at Willowick Park, with 189 units; and Townhomes at Willowick Park, with 38 units.

The property is located at 3255 Las Palmas Dr., adjacent to River Oaks, one of Houston’s prominent single-family neighborhoods. The apartment buildings offer a mix of one-, two- and three-bedroom units, as well as townhomes.

Common amenities include resort-style swimming pools, fitness centers, valet parking, and 24-hour concierge services. The property’s also in close proximity to Highland Village, River Oaks District and the Galleria.

CBRE Capital Markets’ Debt & Structured Finance team secured the deal. Hal Holliday and Rusty Chiles of CBRE’s Houston office arranged the loan on behalf of the owner, Willowick Venture Ltd., which is a partnership between an institutional investor and Houston-based developer, Martin Fein Interests Ltd.