The Brady Station Apartments, a 262-unit market-rate apartment complex located in Odessa at 4401 E 52nd St, TX, 79762, recently secured HUD financing of $18.56 million. Renovated in 2001, the property comprises 18 apartment buildings and a leasing office/clubhouse. Amenities include a swimming pool, tennis court, playground, dog park, and community putting green.

Summary of transation details:

• Property Type: MultiFamily
• Transaction Amount: $18,560,000.00
• Borrower's Representative: Kevin Lifshitz of Dwight Capital
• Lender: Unknown Bank
• Owner's Affiliate: BH Equities LLC
• Owner's Founder: Harry Bookey
• Owner's Base: Des Moines
• Interest Rate Reduction Program: HUD’s 223(a)(7)
• Transaction Originators: Kevin Lifshitz and Jacob Gauptman of Dwight Capital

The borrower of the financing is an affiliate of BH Equities LLC, established by Harry Bookey and headquartered in Des Moines. Due to the current low interest rate environment, they were able to leverage HUD’s program for an interest rate reduction, resulting in reduced debt service and increased cash flow within the property.