Northmarq completes $13,389,000 refinance of mission-driven multifamily property in Houston, Texas

HOUSTON, TEXAS (August 31, 2022) – Travis Fite, senior vice president of Northmarq’s Houston debt/equity team, negotiated the $13.389 million refinance of Aria at Bellfort. The 142-unit mission-driven multifamily property, built in 2021, is located on Bellfort Avenue in Houston, Texas. The transaction was structured with a 10-year term with 7-years of interest only followed by a 30-year amortization schedule. Northmarq secured the permanent-fixed loan for the borrower through its in-house Fannie Mae DUS team.

“Being able to close this mission-driven, recently constructed property ideally located near Hobby Airport within just 50 days is a testament to our internal Fannie Mae team. Realizing the uniqueness of a new mission-driven asset in an underserved community, we aggressively quoted spread and partial interest only to maximize loan proceeds and operating cash flow” said Fite. 

Located in the Greater Hobby area of Houston, the property is only 14 miles southeast of downtown. Commuters have quick access to interstate 45 and HWY 35, making the Houston MSA easily accessible. Within walking distance are three shopping centers, including Lexington Square Shopping Center (0.1 miles), Broadway Center (0.3 miles), and Park-Way Service Center (0.4 miles). 

Along with numerous urban features and cultural touchstones, residents benefit from numerous outdoor and recreational facilities nearby, such as Sims Bayou Urban Nature Center (1.7 miles), Houston Zoo (9.4 miles) and Children’s Museum of Houston (9.7 miles). 

Apartment amenities include: High speed internet access, washer/dryer hookup, ceiling fans, smoke free environment, cable ready, tub/shower, dishwasher, disposal, granite countertops, pantry, kitchen, microwave, oven, refrigerator, vinyl flooring, walk-in closets, balcony and patio. Community amenities include: Business center, pet-friendly policy, fitness center, trash removal, and gated community.