Houston Properties Land $46M Cash-Out Refi – Multifamily Real Estate News
Three Pillars Capital Group secured a $46 million refinance for two neighboring multi-family communities totaling 520 units in Houston. The borrower used the cash loan to return equity to investors.
The company acquired Mainridge Apartments and Westridge Gardens in 2020 from L&L management in a portfolio transaction, secured by two acquisition loans of $17.2 million and $17.7 million from Electra Capitalbased on Yardi Matrix data.
Both communities were completed in 1979 and include one- and two-bedroom units ranging in size from 545 to 1,005 square feet. Communal facilities include swimming pools and laundry facilities. In-unit amenities include washer and dryer hookups and patios or balconies. The owner recently implemented a value-added strategy that included amenities upgrades, as well as the addition of modern bathroom and kitchen appliances, granite countertops, designer cabinetry and flooring in vinyl.
Located at 2501 and 2600 Westridge St., the properties are located just off Interstate 650 and approximately 9 miles southwest of downtown Houston. Several health care facilities are within a 5 km radius, such as Texas Children’s Hospital, Orthopedic Hospital, and Texas Women’s Hospital. NRG Stadium and the Houston Astrodome are less than a mile from the communities.
This month, another Houston multi-family community received $11 million in Fannie Mae DUS refinancing. Greystone has arranged the loan at a fixed rate with a four-year interest-only term and a 10-year term. Shahda Investments is the owner of the 224 unit property.