Connect News Commercial Real Estate news for every market and every facet, every day.
Connect CRE Events Live and virtual events bringing together the best of information and networking.
CRE Industry Events Live industry events.
Connect Creative A full service marketing and PR agency.
Connect Classroom Offering CRE focused continuing education courses on demand.
ApartmentBuildings.com Is a dynamic platform to search for, list and promote multifamily listings nationwide.
Connect Awards View the A-list of commercial real estate & submit nominations.
Connect Media Kit Advertise, Promote, Attend, Create – Work with Connect.
Loantuitive Find the right lender for your loan.
About Connect Meet the team behind the machine and taste a little of the secret sauce.
Connect News

Your source for daily news covering CRE transactions and trends. Stay informed on national, regional and property sector news that matters to your business.

Connect Classroom

Offering on-demand online courses that provide continuing education credits for brokers, attorneys, appraisers and architects. Select from easily accessible video and written courses that cover a variety of CRE topics.

Find Your Course
High-rise commercial buildings

STAY INFORMED

News when you need it. All our Breaking News, right to your inbox.

Sub Markets

Property Sectors

Topics

Texas CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Texas  + Houston-Galveston  + Apartments  |  November 16, 2023
Eastern Union secures $17.5M loan for Baytown apartments
Mike Boyd
By: Mike Boyd

Eastern Union Delivers $17.5M Loan for Baytown Apartment Sale

Eastern Union has delivered a $17.5 million loan toward acquiring The Lakes at Madera apartments, a 392-unit multifamily complex located at 305 West Baker Road in Baytown, TX, a community 26 miles east of Houston.

The financing, provided through Arbor Realty Trust, was a loan assumption with a $30.6-million acquisition of the complex. The transaction carried a three-year term with an interest rate of 4.26 percent. The name of the borrower was not disclosed.

Built in 1983, the property encompasses 22 two-story buildings on a 20-acre parcel. The apartment mix includes 242 one-bedroom units, 120 two-bedroom units, and 30 three-bedroom units, with an average unit size of 734 square feet. The Lakes at Madera presently has a 92-percent occupancy rate.


Connect

Inside The Story

Eastern Union

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
Order Reprints
  • ◦Sale/Acquisition
  • ◦Financing
New call-to-action
New call-to-action