Eastern Union secures $17.5m in financing toward acquisition of multifamily property in greater Houston area
Eastern Union has delivered a $17.5 million loan toward the acquisition of The Lakes at Madera apartments, a 392-unit multifamily complex located at 305 West Baker Road in Baytown, Texas, a community situated 26 miles east of Houston.
Built in 1983, the property encompasses 22 two-story buildings situated on a 20-acre parcel. The apartment mix includes 242 one-bedroom units, 120 two-bedroom units and 30 three-bedroom units, with an average unit size of 734 square feet. The Lakes at Madera presently has a 92 percent occupancy rate.
The financing, provided through Arbor Realty Trust, was a loan assumption with a $30.6 million acquisition of the complex. The transaction carried a three-year term, with an interest rate of 4.26 percent. In addition to securing financing, Eastern Union helped the borrower find property insurance and negotiate terms between buyer and seller.
The name of the borrower was not disclosed.