Houston Community Receives $23M Loan
- Feb 17, 2020
Western Wealth Capital has obtained a $22.6 million loan for the acquisition of Oak Grove Apartments, a 272-unit community in Houston. Berkadia facilitated the adjustable three-year note provided by Voya Financial.
Loan terms feature an interest rate below 4.5 percent with interest-only payments, extension options and funding for capital improvements. Pacific Allied Asset Management sold the property last December, according to Yardi Matrix data.
Located at 10770 Barely Lane on 24.5 acres, the property comprises 15 two- and three-story buildings. Completed in 2004, the community features one- to three-bedroom floorplans. Amenities include a swimming pool, gym, dog park and playground. Oak Grove Apartments is roughly 5 miles from Hewlett Packard’s corporate campus and 22 miles northwest of downtown Houston. Multiple shopping and dining opportunities are available within less than a mile.
Berkadia Managing Director Andy Hill and Associate Director Tyler Nowlin brokered the financing on behalf of the new owner. Last October, Hill secured a $19.7 million loan for another one of Western Wealth Capital’s acquisitions in Houston.