NEW YORK--Capital One Bank has provided loans totaling $74 million to refinance two Houston apartment complexes, the San Cierra Apartments, a 362-unit garden-style complex, and North Post Oak Lofts, a 330-unit mid-rise. John Reichenbach, senior vice president and south-central market manager, and Clay Wright, senior vice president and relationship manager in Capital One Commercial Real Estate's Houston office, originated the transaction.
The sponsor, Sueba USA, has developed 8,400 apartment units over the past 30 years, along with several retail and commercial properties. The financing will be used to generate cash proceeds to recapitalize the two complexes.
“We have developed a close and productive working relationship with the Sueba team,” says Reichenbach. “The insights we have gained helped us to structure a transaction that complements the company's strategic goals.”
Sueba developed San Cierra in 2008 and North Post Oak Lofts in 2009, both as class A properties. San Cierra's amenities include controlled access with overnight security guard, clubhouse with kitchen and social center, resort-style pool with hot tub and spray park, 24-seat theater, poolside athletic center, business center and internet cafe. Its apartments feature granite countertops, ceramic tile, crown-molding, full-sized washers and dryers, intrusion alarms and private patios or balconies.
The amenities at North Post Oak Lofts include a pool, spa, fitness center, clubhouse, business center, gated entrance and onsite security. Unit amenities include a private balcony, intrusion alarm, washer/dryer and granite countertops.
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