Berkadia today announced the financing of Vintage Park Apartments, a multifamily property in Houston. Managing Director Andy Hill of the Austin office secured the $30.55 million loan on behalf of the borrower, Blue Atlantic Vintage Park, L.P., through Berkadia’s partnership with Freddie Mac. The loan closed on December 14, 2016.
The seven-year, interest only loan features a floating rate at sub 3.25 percent.
“Due to the sponsor’s excellent track record and Berkadia’s long-standing relationship with Freddie Mac, we were able to work with the Freddie team to structure a full-term interest only loan to facilitate the borrower’s business plan to invest capital into the project,” said Hill. “This is a quality asset in an area of Houston that will continue to be desirable for residents and businesses.”
Located at 15727 Cutten Road, Vintage Park offers one- and two-bedroom floor plans. Residents enjoy unit amenities such as granite countertops, marble tile bathrooms with mosaic accents, full-size washers and dryers and home security alarms. Community amenities include covered parking, picnic areas with barbecue grills, a resort-style pool, a business center and a dog park with wash station.