Updated Dec 4, 2024
Freddie Mac Finances Harbor Group's Refinance Loan For Multifamily Asset In Houston At $28.37M
12850 Whittington Drive
$28,372,000
$189/SF
Building Size
150,000 SF
Asset Type
MultiFamily
Closing
Aug 7, 2024
About this deal
AI
The property involved in this transaction is a multifamily asset located at 12850 Whittington Drive in Houston. The asset comprises 556 units and encompasses a total of 150,000 square feet.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $28,372,000
- Lender: Freddie Mac
- Landlord: Harbor Group
- Loan Type: Refinance
- Loan Terms: Agency Execution | 5yr Term | 103 Spread | 3yrs IO
The brokers representing the transaction are Matthew Mense, Ari Schwartzbard, William Weber, Henry Stimler, Ricky Warner, and Daniel Sarsfield, all from Newmark.
On the Map
$28,372,000
$189/SF
MultiFamily
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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
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93