$36M Bridge Loan Helps Buy Parkside Place Apartments

Ilan Investments acquired the 384-unit Parkside Place Apartments in Spring, TX, with help from a $36.4-million loan. Donny Rosenberg of Greystone’s New York office originated the bridge loan, which carries a two-year term, and two six-month extensions.

Parkside Place, at 6220 Farm-to-Market Rd. 2920, delivered in 2015. The asset’s developer, Oden Hughes of Austin, sold the Class A complex at an undisclosed price. The property was valued at $30.4 million by the Harris Central Appraisal District.

Parkside Place offers one, two and three-bedroom floor plans from 437 to 1,400 square feet. On-site amenities include a resort-style swimming pool, fitness center, screening room and arcade, dog park with pet-wash station, open-air lounges and club room with a demonstration kitchen and coffee bar.

For comments, questions or concerns, please contact Texas Commercial Real Estate News Editor Amy Sorter