Three Pillars Capital Group secured a $46 million cash out refinancing loan for the 520-unit Mainridge Apartments and Westridge Gardens in Houston, Texas. The loan will enable Three Pillars to return equity to investors. 

Originally purchased by Three Pillars in October 2020, the two multifamily communities are situated at 2501 and 2600 Westridge St. The refinancing comes after a value-add repositioning of the properties by the firm including the upgrade of flooring and various kitchen and bathroom fixtures.

“I’m very proud of this refinancing. Our firm encountered many challenges to close a value-add deal of this size in this current economic environment, but we were able to reach an agreement that will net millions of dollars.” said Three Pillars’s Gautam Goyal.

Three Pillars Capital acquired its first property in Houston in 2017. It currently manages approximately 3,000 units in the Houston metro area, and has completed more than $500 million in transactions across the market to date.