Houston Community Receives $11M Refi

Nitya Capital used the loan to retire a prior acquisition financing for the 176-unit Capewood Apartments. Arbor Realty Trust originated the seven-year Fannie Mae loan.
Capewood. Image courtesy of Arbor Realty Trust

Arbor Realty Trust has originated a $10.8 million Fannie Mae loan for the 176-unit Capewood Apartments in Houston. The seven-year, fixed-rate financing retires a $4.6 million CMBS loan that was set to mature in 2024, according to Yardi Matrix information. The prior mortgage was taken out in 2014 when the current owner, Nitya Capital, acquired the property from a Texas-based private investor.   

Located at 4335 Aldine Mail Route, the community consists of one- to three-bedroom apartments in 17 two-story buildings, with floorplans ranging from 636 to 1,243 square feet. Common-area amenities include a playground, pool and clubhouse. Completed in 1976 on a 6.6-acre site, Capewood is close to Interstate 69 and is less than 13 miles from downtown Houston. The property was 92.6 percent leased in March, per the same data provider.

Recently, Arbor Realty Trust originated a $26 million acquisition and redevelopment loan for the 587-unit Park Texas in Houston. A partnership between Blue Magma Residential and Auerbach Opportunity Fund II purchased the property.