$11M Refi Arranged for 300-Unit Pine Creek Apartments
Elandis obtained refinancing to the tune of $11.2 million for its 300-unit Pine Creek Apartments in Houston. The borrower secured the loan through Fannie Mae, with help from Hunt Mortgage Group.
“The borrower is a seasoned commercial real estate investor, with a proven track record in real estate ownership, development and property management,” noted Keith Morris with Hunt Mortgage Group. “This refinance comes on the heels of a successful 17-month repositioning of the asset.”
The Florida-based Elandis acquired Pine Creek Apartments at 470 Maxey Rd. in mid-2016 from Ytech International, as part of a 1,000-unit, $50-million regional portfolio buy.
“Elandis is a new Hunt Mortgage Group customer that is actively looking for strategic opportunities to acquire, renovate and improve multifamily properties to offer quality housing to local residents in the markets in which they operate,” Morris said. “We were pleased to provide this loan to a quality sponsor.”
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