Azure Apartment Complex Receives $16M Refi

Refinancing to the tune of $15.7 million was obtained for The Azure, a 156-unit affordable housing property in Midland, TX. The transaction was structured with a 10-year term on a 30-year amortization schedule. Carl Pankratz with NorthMarq Capital secured financing for the borrower through a seller/servicer relationship with Freddie Mac.

Public records trace the borrower to Odyssey Residential Holdings in Dallas, TX. According to the company’s website, The Azure was acquired for $19 million in 2015.

The apartment complex at 1201 Albert Ave. operates under a Land Use Restrictive Agreement (LURA). According to Pankratz, the LURA meant the borrower was able to take advantage of a low spread, while allowing for what he called a “high leverage loan in a sometimes-difficult market to finance.”

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