Three Pillars Capital Group Acquires Multifamily Property In Houston For $43M
FINANCED
$43,000,000
Texas
See Similar DealsMultiFamily
Financed 11/23/2020
FINANCED
Three Pillars Capital Group Acquires Multifamily Property In Houston For $43M
2501 Westridge Street, Houston, TX, USA
See Similar DealsMultiFamily
Financed 11/23/2020
Summary
TEXAS
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$43,000,000.00
Monthly NOI$286,666.67
Monthly Debt Service$271,789.25
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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