LMI Secures Multifamily Acquisition Loans in Metro Houston

GALVESTON AND HOUSTON, TEXAS — Jamie Safier of LMI Capital has procured financing for a two-phase complex in Galveston that includes a historic building component. The loan represented 84 percent of the purchase price and featured a five-year fixed term with one year of interest-only payments and no pre-payment restrictions. The borrower was a first-time buyer of commercial properties and plans to use a portion of the proceeds to enhance the property’s interior and exterior appeal. Brandon Brown of LMI originated a second transaction to close a $7 million loan for a garden-style community in west Houston containing nearly 300 units. An agency loan was assumed and closed simultaneously with a supplemental loan that reduced the borrower’s required equity needed for the acquisition.