AUSTIN, Texas – February 14, 2020 – Berkadia today announced the financing secured for Oak Grove Apartments, a 272-unit garden-style multifamily property in Houston, Texas. Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia’s Austin, Texas office secured the bridge loan through Voya Investment Management on behalf of Western Wealth Capital. The deal closed in December 2019.
The adjustable three-year loan features an interest rate below 4.50 percent with interest-only payments, future funding for capital improvements and extension options.
“Oak Grove Apartments was built in 2004 and retains most of its original interior, exterior and common area features which provides substantial value-add opportunities,” said Hill. “We were able to work with Voya to structure a flexible financing solution that will facilitate the completion of the sponsor’s proven value-add strategy.”
Located at 10770 Barely Lane, Oak Grove features one-, two- and three-bedroom floor plans. Community amenities include a resort-style swimming pool, a playground, a fitness center and a large dog park. Residents are also afforded convenient access to Willowbrook Mall and the shops and restaurants along Cypress Creek Parkway.