Multi-Family Acquisition in Houston, Texas

Today’s deal spotlight centers on the acquisition of a  multi-family asset in Houston. This was a tricky deal to navigate due to the client’s lack of exposure in the Texas market and a 1031x deadline. Fortunately, Terrydale Capital never backs down from a challenge.

What We Were Up Against

In addition to being an out-of-state California resident and foreign national, none of our client’s multifamily investment exposure was in the Texas market. The condos were fractured, making debt acquisition more difficult, and the 1031x deadline was parallel to the set close date.

What Our Team Helped Turn Around

Amidst managing communications with the lender, sales broker, and other third parties to streamline the borrowing underwriting and credit committee approvals process, we negotiated a blanket loan with max leverage, competitive pricing, and flexible exit using one of our National Bank relationships. The result? A timely close on the following terms:

• A $1,462,500 Loan Amount
• 4.50% Fixed Interest Rate
• 5-Year Loan Term
• 30-Year Amortization
• 75% LTV

In Closing

The team at Terrydale Capital consistently goes above and beyond to secure the best possible refinancing terms for our clients. Are you dealing with issues related to market volatility during COVID-19? Worried about high fees and missing out on better options? We have ways to help. Give us a call and see what we can do for you.

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