Hunt Arranges Refi for 940-Unit Houston Affordable Property

The $28.3 million Freddie Mac financing will be used to upgrade interiors of vacant units and add a leasing office and fitness center to The Heights at Post Oak.
The Heights at Post Oak.
The Heights at Post Oak. Image via Google Street View

Hunt Real Estate Capital has secured a $28.3 million Freddie Mac loan for The Heights at Post Oak, a 940-unit community in Houston. The seven-year financing features a floating interest rate and a three-year interest-only period. Iliad Realty Group will use the funds to renovate the interiors of vacant units, but also build a leasing office and fitness center over the next year. The owner purchased the asset in 2016 out of a bankruptcy action, according to Yardi Matrix data.

Located at 12500 Dunlap St., the affordable housing community is available to residents earning less than 60 percent of the area’s median income. Completed in 1972 on a 39.4-acre site, the property comprises one-, two- and three-bedroom apartments in 94 two-story buildings, with common-area amenities such as a playground and clubhouse. Close to Highway 90, the asset is roughly 15 miles southwest of downtown Houston.

Recently, Hunt Real Estate Capital also originated financing for a two-property portfolio in Fort Worth, Texas. The new owner took out Freddie Mac loans totaling $6.7 million for the acquisition of Terrace on Commons and the adjacent Calmont Place.