News & Transactions

Berkadia Arranges $10 Million in Refinancing for Houston-Area Community

12/17/2012

The Houston office of Berkadia Commercial Mortgage LLC (Berkadia) recently arranged $10 million in refinancing for the Augusta Meadows Apartments located in Tomball, Texas.  Senior Vice Presidents Cutt Ableson and Jon Gilfillan worked with borrower Augusta Meadows LLC to secure the 10-year, fixed-rate loan.
 
Following the acquisition of the Class A property in 2011, the borrower reached out to the Berkadia team for assistance in identifying and selecting available fixed-rate debt options. Ableson and Gilfillan were able to present the borrower with the best options available in today’s market and secured a loan through Berkadia’s Fannie Mae program, even coming in ahead of schedule.  The borrower had originally set a deadline of Nov. 15 for closing, which Berkadia successfully surpassed by closing on Nov. 5. The loan amortizes over 30 years.
 
“Our knowledge and experience inthe submarket was essential to closing this deal,” said Ableson.  “We aimed to provide a streamlined, positive experience for the borrower and we delivered on our promise.”
 
Augusta Meadows Apartments is located at 24215 Kuykendahl Road in Tomball, Texas.  The Tomball community is located 30 miles northwest of Houston and is the future location of the Baker Hughes Education Center.  The 229,000 square foot property consists of 264 one- and two-bedroom units and is currently 96 percent occupied.  The multifamily complex includes amenities such as a 24-hour fitness center, an outdoor swimming pool and a business center.