New Owners Secure $25M Refi for Little Rock Apartments
- Apr 13, 2017
Transcontinental Realty Investors and Abode Properties have obtained about $25.5 million in refinancing for the Metropolitan Apartments in Little Rock, Ark. The property consists of 260 units, featuring one- and two-bedroom apartments, and is fully leased at market rates.
Common amenities include two resort-style pools, courtyards, a recreation and billiards room, 24-hour fitness center, Internet coffee café, as well as garage parking and onsite security. Each unit features granite countertops, alarm systems, walk-in closets and full-sized washer and dryers.
Evan Hom, managing director in Pillar’s New York office, originated the fixed-rate, 35-year term HUD loan with a 35-year amortization schedule. Pillar, a division of SunTrust Bank, is a direct lender for multifamily, manufactured housing and healthcare properties.
Abode Properties acquired the property in mid-2016 when it assumed the previous HUD-insured loan associated with the apartments. “We continue to add assets in those select markets with the strongest potential,” noted Abode Properties president and CEO Daniel J. Moos.
Transcontinental is a value-add specialist focusing on apartments, office buildings, warehouses and retail centers that are undervalued or underperforming at the time of acquisition. Abode Properties is a Dallas-based subsidiary of Transcontinental.