Folsom Apartment Development Ltd. got financing with a 5.88% fixed-interest rate and a 30-year amortization for the 92%-leased Eagles Landing, which delivered two years ago at 3980 N. Major Dr. in Beaumont about 100 miles northeast of Houston, Jeff Knowles, a Holliday Fenoglio Fowler LP director in Houston, tells GlobeSt.com. The developer, planning a long-term hold, replaced construction financing from a local bank with the loan from Nationwide Life Insurance of Columbus, OH.
Touted as the town's newest development, Eagles Landing consists of eight two-story buildings with one-, two- and three-bedroom units. Units average 882 sf; rents average $833 per month. The 11-acre, gated complex, developed two years ago, is 92% leased, according to Knowles. Leyendecker Management of Houston manages the asset.
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