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Brady Station Locks in $18.5M in HUD Financing

HUD financing of $18.56 million was recently secured for Brady Station Apartments, a 262-unit market-rate apartment complex located in Odessa. The borrower is an affiliate of BH Equities LLC, founded by Harry Bookey and based in Des Moines.

Due to the historically low interest rate environment, the borrower was able to take advantage of HUD’s 223(a)(7) interest rate reduction program, resulting in lower debt service and increased cash flow. Dwight Capital’s Kevin Lifshitz and Jacob Gauptman originated this transaction.

Renovated in 2001, the property is comprised of 18 apartment buildings and a leasing office/clubhouse. Its amenities include a swimming pool, tennis court, playground, dog park and community putting green.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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