Aspen Oak Capital Partners has secured a Freddie Mac Targeted Affordable Housing loan for the refinancing of Stadia Med Main Apartments, a 338-unit partially affordable community in Houston.

Commercial Edge reports, NewPoint Real Estate Capital provided the fixed-rate, flexible prepayment loan with a seven-year term and a 35-year amortization period. 

The mortgage refinances the $60 million NewPoint Bridge Loan from 2022, that served the owner for the acquisition of the property. Wood Partners sold the community for $80 million, according to Yardi Matrix data. Stadia Med Main is subject to a 99-year unsubordinated net ground lease held by Houston Housing Authority. Under this arrangement, NewPoint designated half of the units as affordable.

Previously known as Alta Med Main, the four-story building incorporates one- and two-bedroom floorplans ranging between 495 and 1,264 square feet.

Aspen Oak recently purchased Granary Flats, a 324-unit community situated within a 1,300-acre master-planned development in Richmond, Texas.

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