ValueXpress secured a $7.4-million CMBS conduit loan secured by a residential garden apartment complex located along I-45 between Houston and Dallas, Texas. The two-story garden apartment complex, built in 1984, consists of 176 rental apartments in 22 separate buildings. At closing, the property was 98% occupied. The 75% LTV 10-year fixed-rate loan amortizes on a 25-year schedule.
“This property is owned by a long-time CMBS conduit borrower client of ValueXpress,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “We are now seeing more multifamily deals as multifamily markets and property cash flows improve, and former CMBS conduit borrowers return to CMBS conduit product.”