Newmark Arranges $52M Refi for Cypress Apartment Owner

Newmark arranged a $52 million cash-out refinance for Cantera at Towne Lake, a 366-unit, Class A garden-style multifamily community located in Cypress, Texas, a high-growth suburb northwest of Houston. 

Newmark Multifamily Capital Markets Vince Punzi and Lowell Takahashi arranged the financing through a debt fund on behalf of the borrower, The Bascom Group. The loan was structured to include $4.42 million in capital expenditure reserves earmarked for a new round of renovations, while incorporating prepayment flexibility aligned with the borrower’s strategic business plan. 

Constructed in 2008, Cantera at Towne Lake comprises a mix of one-, two- and three-bedroom luxury apartment homes. Community amenities include a 24-hour fitness center, two resort-style pools, outdoor grilling areas, a conference center and lush landscaping. 

Located within the highly amenitized Towne Lake master-planned community, Cantera at Towne Lake offers convenient access to Highway 290, the Grand Parkway and key employment and retail corridors throughout Cypress and greater northwest Houston.