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.
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
ConnectCRE.com
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Content Marketing
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.
