Haines Apartments Ltd., a subsidiary of Gross Investments in Houston, replaced construction financing from a Houston-area bank with the 10-year loan for the one-year-old, gated development at 3102 Haines Dr. in Harlingen. Yvonne Wallace, managing director in Houston for Holliday Fenoglio Fowler LP, tells GlobeSt.com that the package has a sub-5% fixed-rate interest and an 80% loan-to-value ratio.
Wallace says the first two years are interest only and then rolls to a 30-year amortization schedule. Greenwich Capital presented "the most competitive terms" of the lenders submitting proposals, she says.
With an occupancy above 95%, the Reata is a mix of one- and two-bedroom, garden-style units averaging 807 sf. Rent averages 85 cents per sf.
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