HOUSTON — CBRE Capital Markets’ Debt & Structured Finance team has closed a $92 million refinancing for Willowick Park, a 552-unit apartment community located inside Houston’s Inner Loop.
The recently completed development was led by Houston-based Martin Fein Interests and sits west of Weslayan Street and south of West Alabama.
The transaction covers three distinct components of the Willowick Park community:
- Aria at Willowick Park — 325 units
- Olympia at Willowick Park — 189 units
- Townhomes at Willowick Park — 38 units
Hal Holliday and Rusty Chiles of CBRE’s Houston office arranged the financing on behalf of the borrower, Willowick Venture, Ltd., a partnership between a major institutional investor and the Fein organization. The loan is a 10-year Fannie Mae product used to refinance the original construction financing.
Willowick Park is located at 3255 Las Palmas Drive, in close proximity to Highland Village, the River Oaks District and the Galleria, placing it in one of Houston’s most desirable neighborhoods for renters.
Nov. 28, 2016 Realty News Report Copyright 2016