Houston Firm Secures Loans For 6 Texas Multifamily, Retail Properties
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Houston-based LMI Capital completed financing for five multifamily developments and one retail center in Texas in December:
- A $9.6M agency loan for a 145-unit multifamily asset in the Spring Branch submarket. The refinance included a fixed-interest rate, a five-year interest-only period and a cashout proceed to the borrower.
- A five-year loan for the acquisition of an 8K SF retail center in College Station. The first mortgage represented an over 73% loan-to-purchase ratio and featured a fixed interest rate and flexible prepay.
- A three-year bridge loan for a 75-unit apartment community in Jacinto City. The first mortgage represented 80% LTP and includes a two-year interest-only period allowing the borrower to complete its planned property renovations.
- An 80% acquisition loan for a 75-unit multifamily asset in southwest Houston. The first mortgage featured a 4.96% fixed rate and two years of interest only.
- A loan assumption for a 45-unit apartment complex in the Baytown submarket. The process required several third-party approvals.
- A $7.4M, 10-year loan for the refinancing of a 115-unit community in Katy. The debt included a five-year term and no prepayment penalty.
LMI Capital's Brandon Brown, Kurt Dennis and Jamie Safier secured the financing for the six Texas assets.