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Galveston Multifamily Portfolio Gets $15M Loan

GALVESTON, TX-The local developer and owner of the 556-unit apartment portfolio pursues a refinance after a sale falls through, locking in a first mortgage loan of $15.3 million at a 5.2% fixed-rate interest from CIBC World Markets.

By Jennifer D. Duell | Updated on November 15, 2004

GALVESTON, TX-A local developer and owner has refinanced a four-property portfolio with a $15.3-million loan. The class B multifamily package totals 556 units.

Live Oak Capital Ltd. arranged the 10-year loan for Walter Teachworth through CIBC World Markets, which offered a fixed-rate interest of 5.2% and a 30-year amortization schedule. The Galveston portfolio consists of the Seasons, a 258-unit complex at 8100 Seawall Blvd.; the 120-unit Somerset Retirement Village at 2121 61st St.; Chateau Lafitte, an 80-unit asset at 711 Holiday Dr.; and Ebbtide, a 98-unit project at 100 Market St. All complexes are 100% occupied, with the exception of the Seasons, which is 85% occupied.

“I’ve been working on this deal for more than two years,” say Greg Young, a loan officer with Live Oak Capital Ltd. He first worked on the portfolio to arrange an acquisition loan for an investor who wanted to buy it from Teachworth. After the sale fell through, Young tells GlobeSt.com that he decided to pursue a refinance for Teachworth. “I was trying to make lemonade out of lemons,” Young says.

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