Meridian Capital Group Arranges $30.6M Refinance Loan For The Milo On Westheimer Multifamily Property In Houston
FINANCED
$30,600,000
Texas
See Similar DealsMultiFamily1,247 SF
Financed 10/01/2021
FINANCED
Meridian Capital Group Arranges $30.6M Refinance Loan For The Milo On Westheimer Multifamily Property In Houston
13250 Westheimer Rd, Houston, TX 77077, USA
See Similar DealsMultiFamily1,247 SF
Financed 10/01/2021
Summary
TEXAS
Asset Type:MultiFamily
Price Per Square Foot:$24,538
Total Square Footage:1,247 SF
Transaction Type:Loan
The Milo on Westheimer, located at 13250 Westheimer Rd in Houston, Texas, has recently undergone a refinance transaction. The multifamily property consists of 230 units and is situated in the Houston market. The loan amount for this refinance is $30,600,000. The loan is a bridge loan from Fannie Mae with a 3.6% interest rate and 80% loan-to-cost ratio. The terms of the loan include a three-year term with two one-year extension options.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $30,600,000
- Address: The Milo on Westheimer - 13250 Westheimer Rd
- Market: Houston
- Asset Type: Multifamily
- Units: 230
The refinance transaction of The Milo on Westheimer was facilitated by brokers Hannah Howard and Jonathan Zilber from Meridian Capital Group. They played a crucial role in securing the bridge loan from Fannie Mae. Their expertise in the Houston market contributed to the success of the transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$30,600,000.00
Monthly NOI$204,000.00
Monthly Debt Service$193,412.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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