HOUSTON—With a goal of funding a sponsor's planned energy- and water utility-saving improvements in addition to achieving lower interest rate pricing, Fannie Mae recently financed three local multifamily properties. The properties are located in League City, TX, Woodlands-Sugar Land, TX and Houston. Hunt Mortgage Group provided these non-recourse bridge and permanent loans to finance the properties, all for the same sponsor–Charlie Yalamanchili and Ilan Investments LLC.

“The sponsor is a premier commercial real estate and multifamily investor, and is also a repeat Hunt Mortgage Group and Fannie Mae client,” noted Colin Cross, director and head of the Dallas originations team at Hunt Mortgage Group. “We have partnered with Charlie on a number of deals over the past couple of years–including several others in the Houston MSA–and were very pleased to partner with him again to secure the financing he needed for these three great pieces of real estate.”

Ravello at Tuscan Lakes is a 244-unit garden-style multifamily complex located at 1750 East League City Pkwy. The loan is inclusive of a $150,000 capital improvement reserve for exterior work to renovate the property. League City is located approximately 30 miles southeast of downtown Houston. The property is situated on an 11.94-acre site and is comprised of 11 two- and three-story residential buildings, a single-story leasing office/clubhouse and a single-story cabana building. Project amenities include a swimming pool with tanning deck, hot tub, cabana with barbecue grills, outdoor lounge with fire pit and dog park. The loan is structured as a 24-month floating rate loan with two options to extend the term of the loan for a period of six months each.