Eastern Union has delivered a $17.5 million loan toward acquiring The Lakes at Madera apartments, a 392-unit multifamily complex located at 305 West Baker Road in Baytown, TX, a community 26 miles east of Houston.
The financing, provided through Arbor Realty Trust, was a loan assumption with a $30.6-million acquisition of the complex. The transaction carried a three-year term with an interest rate of 4.26 percent. The name of the borrower was not disclosed.
Built in 1983, the property encompasses 22 two-story buildings on a 20-acre parcel. The apartment mix includes 242 one-bedroom units, 120 two-bedroom units, and 30 three-bedroom units, with an average unit size of 734 square feet. The Lakes at Madera presently has a 92-percent occupancy rate.
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Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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Read MoreConnect CREEastern Union has delivered a $17.5 million loan toward acquiring The Lakes at Madera apartments, a 392-unit multifamily complex located at 305 West Baker Road in Baytown, TX, a community 26 miles east of Houston. The financing, provided through Arbor Realty Trust, was a loan assumption with a $30.6-million acquisition of the complex. The transaction carried a three-year …
The post Eastern Union Delivers $17.5M Loan for Baytown Apartment Sale appeared first on Connect CRE.