Northmarq arranges $68.76M Freddie Mac refinancing for 3-property multifamily portfolio in Houston and San Antonio
Photo source — above: Francis Property Management
HOUSTON — Northmarq's Newport Beach Debt + Equity deal team led by Taylor Francis, along with David Blum, Joe Giordani, Charlie Buckingham and Matt Radich arranged the $68.76 million permanent fixed-rate financing for a three-property Class A multifamily portfolio totaling 940 units located in Houston and San Antonio, Texas.
The portfolio includes:
• Holden Heights Apartments (525 W. 24th St., Houston)
• Estancia San Miguel Apartments (13330 West Road, Houston)
• The Montecristo Apartments (215 N. Loop 1604 E., San Antonio)
Northmarq arranged financing on behalf of the borrower, Francis Property Management, through its relationship with Freddie Mac. Each loan was structured on a 10-year term with full-term interest-only payments.
“The sponsor had specific loan proceeds they were targeting for each individual asset for the refinance process to be a success,” Francis said. “Despite a highly volatile interest rate environment, we moved decisively during the brief Treasury rally in June to lock in a favorable treasury rate while also outperforming the sponsor's spread expectations. The result was a well-timed, very competitively priced, low-leverage financing solution that met the sponsor's objectives and positioned the portfolio for long-term success.”
Holden Heights is a 282-unit mid-rise apartment community in Houston's highly desirable Heights neighborhood. Built in 2015, the property features one- and two-bedroom floor plans with premium finishes including hand-scraped hardwood flooring, 10-foot ceilings, granite or quartz countertops, walk-in closets, and in-unit washers and dryers. Community amenities include a resort-style swimming pool, state-of-the-art wellness center, and beautifully landscaped courtyard. The property is conveniently located near major retail corridors, white-collar employment centers, and offers easy access to downtown Houston.
Estancia San Miguel is a 300-unit garden-style community situated in Houston's Cypress/Fairbanks submarket, offering direct access to U.S. Highway 290, Beltway 8 and Highway 6. Built in 2006, the property features one-, two- and three-bedroom floor plans. Unit features include nine-foot ceilings, crown molding, full appliance packages and private patios or balconies. Community amenities include a swimming pool, clubhouse, business center and on-site laundry facilities.
The Montecristo Apartments is a 358-unit garden-style community strategically positioned along North Loop 1604 East within San Antonio's Far North Central submarket. Built in 2005, the property offers one-, two- and three-bedroom floor plans. Unit interiors feature full-size kitchens, garden tubs, private balconies, washer/dryer connections and fireplaces in select floor plans. The property provides immediate proximity to U.S. Highway 281 and is near major medical, retail and employment corridors including North Central Baptist Hospital and Methodist Stone Oak Hospital.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
