CAPMARK ARRANGES $16.46 MILLION FOR TWO MULTIFAMILY PROPERTIES

LEAGUE CITY, TEXAS — Capmark Finance has originated a total of $16.46 million in financing for the acquisition and renovation of two League City multifamily properties. Crows Nest Condominiums is a 176-unit property located at 501 Davis Rd., and Sandcastles Apartments, which was recently renamed Harbor Walk, is a 138-unit community located at 2751 FM 518. The loan proceeds comprised $14.75 million in first mortgage financing and $1.71 million in mezzanine debt. The fixed-rate loans carry 5-year terms with interest-only payments for the first 2 years, followed by a 30-year amortization schedule. Brant Smith and Andy Hill of Capmark’s Houston office originated the financing on behalf of the borrower, Houston-based Mosaic Residential. The primary lender is Fannie Mae, which utilized the company’s CI Mezz-Mod Rehab Program; RCG Longview acted as the mezzanine lender.