Updated Mar 11, 2025
Three Pillars Capital Group Acquires Multifamily Property In Houston For $43M
2501 Westridge Street, Houston, TX, USA
$43,000,000
Units
620
Asset Type
MultiFamily
Closing
Nov 22, 2020
About this deal
AI
The multifamily property located at 2501 Westridge Street & 2600 Westridge Street in Houston has been involved in a recent loan transaction. The loan, dated November 23, 2020, amounted to $43,000,000. The property consists of 620 units and belongs to the landlord, Three Pillars Capital Group. Gryphon Real Estate Capital Partners provided a senior mortgage of $35 million, while Electra Capital placed an $8 million mezzanine loan.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $43,000,000
- Market: Houston
- Landlord: Three Pillars Capital Group
- Lenders: Gryphon Real Estate Capital Partners & Electra Capital
- Broker: Derek Fasulo - CBRE
- Units: 620
Derek Fasulo of CBRE represented the parties involved in this multifamily property loan transaction in Houston.
Players
Houston MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93