$19M in Financing Obtained for Reserves at 700 Acquisition
Florida real estate investors Robert Blau and Adam Jacobson obtained $18.5 million in financing to acquire the 180-unit Reserves at 700 in Big Springs, TX. Hunt Real Estate Capital provided the conventional Fannie Mae five-year term loan, amortizing over 30 years, with a 36-month yield maintenance period, followed by 21 months of 1% prepay and 90 days of open prepay.
Located at 901 FM 700, Reserves at 700 delivered in 2017, and offers one, two and three-bedroom units. On-site amenities include a fitness center, playground, pool, recreation room, clubhouse, business center, and barbecue-picnic area. The Cisco, TX seller was represented by NKF’s Bart Wickard, Matt Widerman and Brian Murphy, CCIM.
“The property is located in an area where property fundamentals and economic conditions continue to improve,” said Hunt Real Estate Capital’s Xavier Salinas. “The Odessa-Midland metro area is expected to have a positive impact on the property’s performance in the near-term.”
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