Iliad Realty Group Secures $28.3M Lument Loan For Houston Affordable Housing

The Heights at Post Oak, located at 12500 Dunlap St, Houston, TX, 77035, is an office property covering 39.4 acres. The property received a $28.3 million Freddie Mac loan for refinancing, with the funds arranged by Sal Torre from Estreich & Company. The loan offers a seven-year term with a floating interest rate and three years of interest-only payments. The borrower is Iliad Realty Group.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $28,300,000.00
• Market: Houston
• Borrower's Rep: Sal Torre (Estreich & Company)
• Lender: Lument

The refinancing of the Heights at Post Oak was facilitated by Hunt Real Estate Capital. The borrower, Iliad Realty Group, plans to undertake a value-add program, improving the interiors of vacant units and adding new amenities like a leasing office and fitness center. The property offers 940 units, all available to residents earning less than 60 percent of the area median income.