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Arel Capital Obtains Financing for Bayou on the Bend

PCCP LP provided a $36.5 million senior loan to refinance the 241-unit Bayou on the Bend in Houston’s River Oaks/Inner Loop submarket. Adam Allen and Ben Johnson with NKF arranged the financing on behalf of the sponsor, Arel Capital. The New York City borrower acquired the apartment complex at 5201 Memorial Dr. in mid-2017.

“When Arel Capital acquired the asset about two years ago, it assumed an existing CMBS loan which came due this month,” said PCCP’s Ron Bonneau. “PCCP provided a bridge loan to pay off the existing debt, while providing additional time for Arel to continue executing its business plan of renovating unit interiors and increasing revenue at the property.”

The property, situated on 3.6 acres, offers studios and one, two and three-bedroom units. Amenities include two pools, kayak and bike rentals, fitness and business centers and a game room. Occupancy is 87%.

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

  • ◦Financing