The 10-year, 5.24% fixed-rate securitized mortgage replaces a construction loan for the 1100 E. Adoue St. development, which was completed in October 2004, says Tucker Knight, a Houston director for Holliday Fenoglio Fowler LP. The borrower is the Minkoff Family Partnership Ltd. of Alvin, which secured an 80%-loan-to-value financing.
A lot of lenders were interested in providing debt financing for Morgan Oaks Apartments, Knight tells GlobeSt.com. "There is minimal development in the market," he says, "and this is a very nice project."
Situated on 3.3 acres at the intersection of East Adoue Street and Legion Road, Morgan Oaks Apartments was built in three phases. The first two phases are 100% occupied and the third has reached 95% occupancy. "Stable apartments with very rapid lease-up velocity like this indicate not only a strong asset, but an overall strong market," Knight says.
The complex is a mix of 12 one-bedroom, 36 two-bedroom and 10 three-bedroom apartments. Units range from 720 sf to 1,172 sf. Rents run from $650 to $925 per month.
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