TX Property Secures $21M
- Apr 11, 2018
A $20.8 million, two-year adjustable bridge loan has been obtained for the Breeze at Lake Barbara, a 520-unit multifamily property in Clute, Texas. The financing will allow the private borrower to acquire, gut-renovate and reposition the property, according to the lender, Arbor Realty Trust.
The property, originally developed in 1980, includes one-, two- and three-bedroom units, with rents ranging from the mid-$600s to more than $1,100 a month. Common amenities include a swimming pool, clubhouse, pet care center and fitness center.
Uniondale, N.Y.-based Arbor, a REIT, specializes in loan origination and servicing for multifamily, seniors housing, healthcare and other commercial real estate assets. Arbor is a Top 10 Fannie Mae DUS Multifamily Lender by volume and participates in many other lending programs.
Brazoria County in a Growth Mode
Clute is in Brazoria County, Texas, and is part of the Houston-Sugar Land-Baytown metropolitan area. Though part of that market, Clute itself has not grown very much in recent years. As of the 2010 U.S. Census, the city population was 11,211; in 2016, the Census Bureau estimated the population to be 11,370.
Brazoria County, on the other hand, has seen growth recently. The county’s population was about 313,100 in 2010. The bureau estimates the 2017 population to be more than 362,400.