Hunt Mortgage Group Closes $11M Refi Loan for Texas City 304-Unit Community
- Apr 08, 2016
Houston—Hunt Mortgage Group recently announced the closing of an $11 million Fannie Mae loan to refinance a 304-unit multifamily property located in Texas City. The loan term includes a 10-year term, 5-years of interest-only, a 30-year amortization period, and a 9.5 year yield maintenance period.
Located at 8801 Emmett F Lowry Expy., Lakeview Apartments was acquired by Charles Nickson in 1993. The property is a garden-style multifamily community featuring 22 two-story residential buildings and one-story office/clubhouse. Lakeview Apartments’ amenity package includes a courtyard, fitness center, laundry room, swimming pools, energy efficient design and a 24-hour fitness center.
“Charles and his family have been developing, owning and managing multifamily assets in the local area since 1977,” said Vic Clark, managing director with Hunt Mortgage Group, in a prepared release. “In addition to over 20 years of ownership of Lakeview Apartments, he owns four multifamily properties and 23 industrial warehouses in the Houston-Galveston region.”
“Consumer confidence has been low in the area due to the decline in the energy industry. This has also subdued residential construction and in turn boosted the appeal of multifamily renting over home ownership,” added Clark. “Longer term, homebuilding should rebound once oil prices recover, but in the meantime quality rental properties are faring well. Lakeview Apartments has performed well and is currently 96 percent occupied. We were pleased to provide this financing to a quality sponsor.”
Image courtesy of Lakeview Apartments