Houston Multifamily Property Owner Secures $11.7 Million Bridge Loan
Lev secured the loan that allowed the property owner, Claridge Properties, to refinance a 289-unit, 289,000 square foot project in Houston. The loan is structured as a flowing rate, three-year, interest-only debt package.
Lev secured funding that recouped nearly all of the borrower’s cost basis based on the strength of the projected market and rent growth.
The multifamily property has undergone substantial renovations and cosmetic upgrades since its purchase in December of 2020. It’s added significant updates to both the interior and exterior of the project. The loan is encumbered by a Land Use Restrictive Agreement (LURA), which limits leasing to families who meet certain income requirements. Based on the LURA, the property is projected to yield 28% upside in rental rates over the next two years.
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.