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$51M Refinance Clears for 654 Units of Class A Apartments

HOUSTON-Equity Resources of Birmingham, AL collateralizes the $50.5-million, five-year, interest-only loan with the 95%-leased Villas at West Oaks and 96%-occupied Lodge at Kingwood, a package deal picked up 18 months ago.

By Jennifer D. Duell | Updated on May 19, 2005

HOUSTON-An 18-month owner of two class A multifamily properties, totaling 654 units, has secured a $50.5-million package with a five-year, fixed rate with interest-only payments.

The Villas at West Oaks, a 342-unit complex at 15155 Richmond Ave., and Lodge at Kingwood, 312 units at 938 Kingwood Dr., collateralized the loan for Equity Resources LLC of Birmingham, AL. “Both of these properties are outstanding class A-plus, luxury apartment communities situated in close proximity to major employment centers and transportation routes in the Houston area,” says Cortney Cole, a director with Holliday Fenoglio Fowler LP. She and senior managing director Scott Galloway arranged the loan through conduit lender, Bank of America CMBS Capital Markets.

Equity Resources acquired the properties just 18 months ago from locally based Hanover Cos. Both properties are managed by ER Management of Houston.

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