The seven-year loan, with a 30-year amortization, came with a sub-5% fixed interest rate for the 320 Jackson Hill St. property in the upscale Allen Parkway neighborhood. The Finger Cos. built the complex in 2002; today, it's fully leased.
The garden-style development sits on a four-acre tract. Units range from 665 sf for a one-bedroom design to 1,551 sf for a three-bedroom floor plan. Rents range from $995 per month to just under $2,000 per month.
Tom Melody, executive managing director, Tom Fish, managing director, and Paul House, director, all of LJ Melody & Co.'s Houston office, arranged the financing package. House tells GlobeSt.com that it was important to the borrower that the loan be structured with prepayment flexibility.
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