Iliad Realty Group secured a Freddie Mac loan in the amount of $28.3 million to refinance the 940-unit Heights at Post Oak in Houston. Hunt Real Estate Capital negotiated the seven-year, variable-rate loan for the borrower with Sal Torre of Estreich & Co.
Situated on 40 acres at 12500 Dunlap St., Heights at Post Oak opened in 1972, all units are affordable to low-income tenants with income levels equal to or less than 60% of Area Median Income; 268 of the units are affordable to tenants with incomes less than, or equal to, 30% of AMI.
According to Hunt Real Estate Capital’s Bryan Cullen, the borrower invested $5.4 million in property upgrades since acquiring the property out of foreclosure in November 2016. “Proceeds from the new loan will be used to return equity to the sponsors and complete the finishing touches on the renovation program,” he added.
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