NorthMarq's Travis Fite Facilitates $10.6M Loan For Coral Island Apartments Acquisition

The Coral Island Apartments in Houston, TX, located at 4700 S Kirkwood Rd, consist of a 316-unit multifamily property. The property features one- and two-bedroom units and various amenities, including a pool, fitness center, tennis court, basketball court, playground, and walking trails. The acquisition of this property involved a $10.6 million Fannie Mae loan facilitated by Travis Fite of NorthMarq. The loan has a 10-year term and a 30-year amortization schedule. The buyer was an undisclosed 1031 exchange investor, while the seller's identity was not disclosed.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $10,600,000.00
• Borrower's Representative: Travis Fite (NorthMarq)
• Lender: Unknown life insurance company

The lender for this transaction, involving the Coral Island Apartments, was an unknown life insurance company. Travis Fite, representing NorthMarq, played a crucial role in originating the $10.6 million Fannie Mae loan. The buyer in this deal was an undisclosed 1031 exchange investor. The seller involved in the transaction remains anonymous.